Gates Industrial (NYSE:GTES) Sees Large Volume Increase

Gates Industrial Corp PLC (NYSE:GTES) shares saw unusually-strong trading volume on Thursday . Approximately 4,164,124 shares traded hands during mid-day trading, an increase of 51% from the previous session’s volume of 2,762,070 shares.The stock last traded at $17.50 and had previously closed at $17.00.

Wall Street Analyst Weigh In

GTES has been the topic of a number of recent analyst reports. Jefferies Financial Group started coverage on Gates Industrial in a research note on Thursday, February 29th. They issued a “buy” rating and a $21.00 price objective on the stock. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a research report on Friday, March 8th. Citigroup lifted their target price on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Thursday, February 22nd. Finally, Robert W. Baird lifted their price target on shares of Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.88.

Gates Industrial Stock Up 1.9 %

The firm’s 50 day simple moving average is $17.18 and its two-hundred day simple moving average is $14.36. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 18.68 and a beta of 1.54. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69.

Insiders Place Their Bets

In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the sale, the insider now directly owns 107,324 shares in the company, valued at $1,292,180.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the completion of the sale, the insider now directly owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Wilson S. Neely acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the purchase, the director now owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,030,492 shares of company stock worth $12,582,402 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Gates Industrial in the 3rd quarter worth about $115,000. Raymond James & Associates raised its holdings in Gates Industrial by 16.2% in the 3rd quarter. Raymond James & Associates now owns 163,266 shares of the company’s stock worth $1,896,000 after acquiring an additional 22,730 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Gates Industrial by 76.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,163 shares of the company’s stock valued at $365,000 after acquiring an additional 13,465 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in Gates Industrial in the 3rd quarter worth approximately $117,000. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Gates Industrial during the 3rd quarter worth approximately $2,225,000. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Company Profile

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.