Gates Industrial (NYSE:GTES) PT Raised to $26.00

Gates Industrial (NYSE:GTES) had its price target upped by analysts at Robert W. Baird from $25.00 to $26.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s target price suggests a potential upside of 60.69% from the company’s previous close.

Several other brokerages also recently commented on GTES. Evercore ISI boosted their target price on shares of Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Wolfe Research raised shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research note on Friday, March 8th. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Jefferies Financial Group initiated coverage on Gates Industrial in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price objective on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.78.

Gates Industrial Price Performance

Shares of GTES stock traded down $0.28 during mid-day trading on Thursday, reaching $16.18. The company’s stock had a trading volume of 2,814,546 shares, compared to its average volume of 2,214,203. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.25 and a current ratio of 3.06. The firm’s 50-day moving average is $16.88 and its two-hundred day moving average is $14.02. Gates Industrial has a 1-year low of $10.68 and a 1-year high of $17.99. The company has a market cap of $4.23 billion, a P/E ratio of 17.78 and a beta of 1.54.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The firm had revenue of $863.30 million during the quarter, compared to analysts’ expectations of $892.40 million. On average, research analysts predict that Gates Industrial will post 1.32 earnings per share for the current year.

Insider Activity at Gates Industrial

In other news, Director Wilson S. Neely acquired 10,000 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was purchased at an average cost of $13.24 per share, with a total value of $132,400.00. Following the acquisition, the director now owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Gates Industrial news, Director Wilson S. Neely acquired 10,000 shares of Gates Industrial stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $13.24 per share, with a total value of $132,400.00. Following the completion of the purchase, the director now owns 56,664 shares in the company, valued at $750,231.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Neil P. Simpkins bought 1,000,000 shares of the stock in a transaction on Friday, February 16th. The shares were acquired at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the acquisition, the director now directly owns 1,000,000 shares in the company, valued at approximately $12,200,000. The disclosure for this purchase can be found here. Insiders have bought a total of 1,030,492 shares of company stock worth $12,582,402 over the last 90 days. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Gates Industrial by 11.0% during the 4th quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company’s stock worth $205,726,000 after buying an additional 1,519,041 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Gates Industrial by 19.9% during 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 during the last quarter. Dimensional Fund Advisors LP grew its holdings in Gates Industrial by 14.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock valued at $130,285,000 after purchasing an additional 1,239,261 shares during the period. Cooke & Bieler LP increased its stake in Gates Industrial by 7.9% in the fourth quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock valued at $109,427,000 after purchasing an additional 594,559 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Gates Industrial by 8.9% in the third quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock worth $88,265,000 after purchasing an additional 620,131 shares during the period. Institutional investors own 98.50% of the company’s stock.

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.