Gates Industrial (NYSE:GTES) Price Target Raised to $18.00

Gates Industrial (NYSE:GTES) had its price target boosted by The Goldman Sachs Group from $16.00 to $18.00 in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts have also 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 objective for the company in a report on Friday, March 8th. 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. Evercore ISI lifted their target price on Gates Industrial from $12.50 to $14.00 and gave the company an in-line rating in a report on Tuesday, February 20th. KeyCorp raised Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 target price for the company in a research note on Thursday, February 22nd. Finally, TheStreet raised Gates Industrial from a c+ rating to a b- rating in a research report on Monday, January 8th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Gates Industrial currently has a consensus rating of Moderate Buy and an average price target of $18.00.

Gates Industrial Price Performance

Gates Industrial stock opened at $17.20 on Tuesday. The company’s 50 day simple moving average is $16.14 and its 200-day simple moving average is $13.62. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $17.86. The company has a market capitalization of $4.54 billion, a price-to-earnings ratio of 20.23 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last posted its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.10. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The firm had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. As a group, equities research analysts expect that Gates Industrial will post 1.32 earnings per share for the current year.

Insider Activity at Gates Industrial

In related news, Director Neil P. Simpkins acquired 1,000,000 shares of Gates Industrial stock in a transaction dated 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 transaction, the director now owns 1,000,000 shares of the company’s stock, valued at $12,200,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Neil P. Simpkins acquired 1,000,000 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 $12,200,000.00. Following the completion of the acquisition, the director now owns 1,000,000 shares in the company, valued at approximately $12,200,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of Gates Industrial stock in a transaction dated 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 completion of the acquisition, 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. Insiders acquired 1,030,492 shares of company stock valued at $12,582,402 over the last three months. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Gates Industrial

Large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Gates Industrial by 11.0% in the 4th quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company’s stock valued at $205,726,000 after purchasing an additional 1,519,041 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Gates Industrial by 19.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock valued at $261,235,000 after purchasing an additional 2,450,526 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Gates Industrial by 14.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock valued at $130,285,000 after buying an additional 1,239,261 shares during the last quarter. Cooke & Bieler LP boosted its stake in shares of Gates Industrial by 7.9% during the fourth quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock worth $109,427,000 after buying an additional 594,559 shares during the period. Finally, American Century Companies Inc. increased its position in Gates Industrial by 8.9% in the 3rd quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock valued at $88,265,000 after acquiring an additional 620,131 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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.