Gates Industrial (NYSE:GTES) Reaches New 52-Week High at $17.86

Gates Industrial Corp PLC (NYSE:GTES)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $17.86 and last traded at $17.75, with a volume of 91667 shares. The stock had previously closed at $17.65.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GTES. Evercore ISI upped their price objective on Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. 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. Citigroup raised their target price on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, 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 objective for the company. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Gates Industrial Trading Up 0.2 %

The company has a current ratio of 3.08, a quick ratio of 2.25 and a debt-to-equity ratio of 0.70. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 20.77 and a beta of 1.57. The company has a fifty day simple moving average of $16.23 and a 200-day simple moving average of $13.69.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. The company had revenue of $863.30 million during the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. On average, research analysts forecast that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of Gates Industrial

A number of institutional investors and hedge funds have recently modified their holdings of GTES. CWM LLC increased its stake in shares of Gates Industrial by 293.1% in the third quarter. CWM LLC now owns 7,433 shares of the company’s stock worth $86,000 after purchasing an additional 5,542 shares during the period. SG Americas Securities LLC acquired a new position in shares of Gates Industrial during the third quarter worth approximately $115,000. Raymond James & Associates lifted its holdings in shares of Gates Industrial by 16.2% during the third quarter. Raymond James & Associates now owns 163,266 shares of the company’s stock worth $1,896,000 after buying an additional 22,730 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Gates Industrial by 76.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,163 shares of the company’s stock worth $365,000 after acquiring an additional 13,465 shares during the last quarter. Finally, Strs Ohio increased its position in Gates Industrial by 18.4% during the third quarter. Strs Ohio now owns 161,840 shares of the company’s stock worth $1,878,000 after acquiring an additional 25,138 shares during the period. 98.50% of the stock is currently 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.