Gates Industrial (NYSE:GTES) Price Target Raised to $26.00

Gates Industrial (NYSE:GTES) had its price objective boosted by Robert W. Baird from $25.00 to $26.00 in a report published on Thursday, Benzinga reports. The firm currently has an outperform rating on the stock.

GTES has been the subject of several other research reports. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $16.00 to $18.00 and gave the company a neutral rating in a research report on Tuesday, April 16th. Evercore ISI upped their price objective on Gates Industrial from $12.50 to $14.00 and gave the company an in-line rating in a report on Tuesday, February 20th. 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 report on Friday, March 8th. TheStreet upgraded Gates Industrial from a c+ rating to a b- rating in a research report on Monday, January 8th. Finally, Jefferies Financial Group started coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They issued a buy rating and a $21.00 price target on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Gates Industrial presently has an average rating of Moderate Buy and an average price target of $18.78.

Gates Industrial Price Performance

Shares of GTES stock opened at $16.18 on Thursday. The stock’s fifty day moving average is $16.88 and its 200-day moving average is $14.06. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06. Gates Industrial has a 52 week low of $10.68 and a 52 week high of $17.99. The stock has a market capitalization of $4.23 billion, a PE ratio of 17.78 and a beta of 1.54.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.27 by $0.10. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The business had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. Equities research analysts expect that Gates Industrial will post 1.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total value of $292,284,244.00. Following the completion of the sale, the insider now owns 107,324 shares in the company, valued at $1,292,180.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Gates Industrial news, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Neil P. Simpkins acquired 1,000,000 shares of the company’s stock in a transaction on Friday, February 16th. The stock was acquired at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the purchase, the director now directly owns 1,000,000 shares of the company’s stock, valued at $12,200,000. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 1,030,492 shares of company stock worth $12,582,402. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC bought a new stake in shares of Gates Industrial during the first quarter worth approximately $15,791,000. Capstone Investment Advisors LLC lifted its holdings in Gates Industrial by 365.8% during the 1st quarter. Capstone Investment Advisors LLC now owns 115,596 shares of the company’s stock worth $2,047,000 after purchasing an additional 90,781 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Gates Industrial by 17.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 43,009 shares of the company’s stock valued at $762,000 after purchasing an additional 6,321 shares during the period. Commonwealth Equity Services LLC acquired a new position in Gates Industrial in the 1st quarter valued at $760,000. Finally, Principal Financial Group Inc. bought a new position in Gates Industrial during the 1st quarter worth $248,000. 98.50% of the stock is owned by 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.