Traders Buy High Volume of Gates Industrial Call Options (NYSE:GTES)

Gates Industrial Corporation PLC (NYSE:GTES) saw some unusual options trading activity on Monday. Investors purchased 11,106 call options on the company. This is an increase of approximately 417% compared to the typical volume of 2,147 call options.

Gates Industrial Price Performance

GTES opened at $26.77 on Wednesday. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 29.42 and a beta of 1.27. The stock has a fifty day simple moving average of $22.77 and a two-hundred day simple moving average of $23.78. Gates Industrial has a 12-month low of $14.70 and a 12-month high of $27.28.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GTES. Wells Fargo & Company initiated coverage on shares of Gates Industrial in a research note on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 price target for the company. Citigroup reissued a “buy” rating on shares of Gates Industrial in a research note on Monday, January 12th. JPMorgan Chase & Co. dropped their target price on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, December 16th. UBS Group decreased their price target on Gates Industrial from $29.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, January 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.09.

Institutional Investors Weigh In On Gates Industrial

Hedge funds have recently bought and sold shares of the business. True Wealth Design LLC increased its stake in shares of Gates Industrial by 133.2% during the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after purchasing an additional 666 shares in the last quarter. SJS Investment Consulting Inc. grew its stake in shares of Gates Industrial by 5,123.7% in the 3rd quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock worth $49,000 after buying an additional 1,947 shares during the last quarter. Quent Capital LLC bought a new position in Gates Industrial during the 3rd quarter valued at approximately $51,000. Allworth Financial LP increased its position in Gates Industrial by 43.0% during the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares in the last quarter. Finally, Avanza Fonder AB raised its stake in Gates Industrial by 85.3% during the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock valued at $61,000 after buying an additional 1,124 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.