Gates Industrial Corp PLC (NYSE:GTES) Receives $18.00 Average PT from Brokerages

Gates Industrial Corp PLC (NYSE:GTES) has been assigned a consensus rating of “Moderate Buy” from the six analysts that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $18.00.

Several research analysts have recently weighed in 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 target on the stock in a research note on Friday, March 8th. Jefferies Financial Group initiated coverage on shares of Gates Industrial in a report on Thursday, February 29th. They issued a “buy” rating and a $21.00 target price for the company. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. KeyCorp upgraded shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a research note on Thursday, February 22nd. Finally, Citigroup boosted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 8th.

Gates Industrial Trading Up 2.6 %

Shares of Gates Industrial stock opened at $17.66 on Friday. The company’s fifty day simple moving average is $16.23 and its 200-day simple moving average is $13.69. The stock has a market capitalization of $4.67 billion, a PE ratio of 20.77 and a beta of 1.57. Gates Industrial has a 1-year low of $10.68 and a 1-year high of $17.86. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.10. The business 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%. As a group, equities analysts anticipate that Gates Industrial will post 1.32 earnings per share for the current year.

Insider Activity

In other Gates Industrial news, CEO Ivo Jurek bought 20,492 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were purchased at an average cost of $12.20 per share, for a total transaction of $250,002.40. Following the transaction, the chief executive officer now owns 626,088 shares of the company’s stock, valued at $7,638,273.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Gates Industrial news, CEO Ivo Jurek bought 20,492 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were purchased at an average cost of $12.20 per share, for a total transaction of $250,002.40. Following the transaction, the chief executive officer now owns 626,088 shares of the company’s stock, valued at $7,638,273.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the company’s 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 owns 107,324 shares in the company, valued at $1,292,180.96. The disclosure for this sale can be found here. In the last three months, insiders have acquired 1,030,492 shares of company stock worth $12,582,402. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Gates Industrial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James & Associates raised its position in Gates Industrial by 54.8% in the 1st quarter. Raymond James & Associates now owns 309,602 shares of the company’s stock worth $5,483,000 after purchasing an additional 109,664 shares during the period. Legacy Wealth Asset Management LLC bought a new position in Gates Industrial in the 1st quarter worth about $199,000. Uncommon Cents Investing LLC grew its stake in Gates Industrial by 11.4% in the 1st quarter. Uncommon Cents Investing LLC now owns 19,980 shares of the company’s stock worth $354,000 after acquiring an additional 2,045 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Gates Industrial by 19.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock worth $261,235,000 after acquiring an additional 2,450,526 shares in the last quarter. Finally, Oak Thistle LLC bought a new position in Gates Industrial in the 1st quarter worth about $414,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

About Gates Industrial

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.