Brokerages Set Gates Industrial Corporation PLC (NYSE:GTES) Target Price at $27.27

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have been given a consensus rating of “Moderate Buy” by the twelve analysts that are currently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $27.2727.

Several analysts recently weighed in on GTES shares. UBS Group dropped their target price on shares of Gates Industrial from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Citigroup dropped their price objective on Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Weiss Ratings lowered Gates Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Wall Street Zen cut Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Friday, November 28th. Finally, Wells Fargo & Company started coverage on Gates Industrial in a research report on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 target price for the company.

Gates Industrial Price Performance

Shares of GTES opened at $21.91 on Wednesday. The firm has a 50-day simple moving average of $23.24 and a two-hundred day simple moving average of $23.80. The stock has a market cap of $5.66 billion, a PE ratio of 24.08 and a beta of 1.22. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $26.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50.

Insider Buying and Selling at Gates Industrial

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total transaction of $505,220.76. Following the sale, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This represents a 11.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTES. Norges Bank purchased a new stake in shares of Gates Industrial during the second quarter worth $80,713,000. Driehaus Capital Management LLC boosted its holdings in Gates Industrial by 4,976.3% in the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock valued at $29,573,000 after purchasing an additional 1,574,701 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in Gates Industrial during the 2nd quarter worth $32,255,000. Vanguard Group Inc. increased its holdings in Gates Industrial by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock worth $664,019,000 after purchasing an additional 1,281,339 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Gates Industrial by 22.3% during the 3rd quarter. Franklin Resources Inc. now owns 6,923,169 shares of the company’s stock worth $171,833,000 after purchasing an additional 1,261,849 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Company Profile

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.