Gates Industrial Corp PLC (NYSE:GTES) Short Interest Up 59.0% in January

Gates Industrial Corp PLC (NYSE:GTESGet Free Report) was the recipient of a large growth in short interest in January. As of January 31st, there was short interest totalling 4,310,000 shares, a growth of 59.0% from the January 15th total of 2,710,000 shares. Currently, 2.6% of the company’s shares are sold short. Based on an average daily trading volume, of 1,870,000 shares, the short-interest ratio is presently 2.3 days.

Analysts Set New Price Targets

Separately, TheStreet raised Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th.

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Gates Industrial Stock Up 0.9 %

Shares of NYSE:GTES opened at $12.80 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25. The company has a market capitalization of $3.38 billion, a PE ratio of 15.06 and a beta of 1.54. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $14.93. The business has a fifty day moving average price of $12.96 and a two-hundred day moving average price of $12.20.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Clark Estates Inc. NY bought a new position in Gates Industrial in the 4th quarter worth about $3,436,000. Jade Capital Advisors LLC bought a new position in Gates Industrial in the 4th quarter worth about $2,348,000. Capstone Investment Advisors LLC boosted its stake in Gates Industrial by 148.2% in the 4th quarter. Capstone Investment Advisors LLC now owns 24,815 shares of the company’s stock worth $333,000 after purchasing an additional 14,815 shares during the period. TFO Wealth Partners LLC boosted its stake in Gates Industrial by 68,390.0% in the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after purchasing an additional 6,839 shares during the period. Finally, Stifel Financial Corp bought a new position in Gates Industrial in the 4th quarter worth about $136,000. Institutional investors own 98.50% of the company’s stock.

About Gates Industrial

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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.

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