Gates Industrial (NYSE:GTES) PT Raised to $18.00

Gates Industrial (NYSE:GTES) had its price objective upped by The Goldman Sachs Group from $16.00 to $18.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also recently commented on GTES. TheStreet raised shares of Gates Industrial from a c+ rating to a b- rating in a research note on Monday, January 8th. Evercore ISI boosted their target price on Gates Industrial from $12.50 to $14.00 and gave the company an in-line rating in a research report on Tuesday, February 20th. Jefferies Financial Group assumed coverage on Gates Industrial in a report on Thursday, February 29th. They issued a buy rating and a $21.00 price target on the stock. Citigroup boosted their price objective on Gates Industrial from $17.00 to $20.00 and gave the company a buy rating in a report on Monday, April 8th. Finally, Wolfe Research upgraded Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 target price on the stock in a research note on Friday, March 8th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $18.00.

Gates Industrial Price Performance

Gates Industrial stock opened at $17.20 on Tuesday. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $17.86. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. The firm’s fifty day moving average is $16.14 and its 200 day moving average is $13.62. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 20.23 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. Sell-side analysts forecast that Gates Industrial will post 1.32 EPS for the current fiscal year.

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely purchased 10,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, with a total value of $132,400.00. Following the completion of the acquisition, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Ivo Jurek bought 20,492 shares of the company’s stock in a transaction on Friday, February 16th. The shares were bought at an average price of $12.20 per share, with a total value of $250,002.40. Following the transaction, the chief executive officer now owns 626,088 shares in the company, valued at $7,638,273.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wilson S. Neely purchased 10,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,030,492 shares of company stock valued at $12,582,402. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Gates Industrial

A number of large investors have recently made changes to their positions in the stock. Legacy Wealth Asset Management LLC acquired a new stake in Gates Industrial during the 1st quarter worth about $199,000. Uncommon Cents Investing LLC raised its stake in shares of Gates Industrial by 11.4% in the first quarter. Uncommon Cents Investing LLC now owns 19,980 shares of the company’s stock worth $354,000 after purchasing an additional 2,045 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Gates Industrial by 19.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock worth $261,235,000 after purchasing an additional 2,450,526 shares during the period. Oak Thistle LLC purchased a new stake in Gates Industrial in the first quarter valued at approximately $414,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in Gates Industrial by 45.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 27,614 shares of the company’s stock worth $489,000 after buying an additional 8,693 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.