Analysts Set Gates Industrial Corporation PLC (NYSE:GTES) PT at $27.18

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have earned a consensus rating of “Moderate Buy” from the twelve brokerages that are presently covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $27.0909.

A number of research firms have recently weighed in on GTES. JPMorgan Chase & Co. cut their price objective on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, December 29th. UBS Group cut their price target on Gates Industrial from $29.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday. Royal Bank Of Canada decreased their price objective on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday, October 30th. Finally, Zacks Research lowered Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $22.97 on Friday. Gates Industrial has a 52 week low of $14.70 and a 52 week high of $26.46. The business’s 50 day moving average price is $21.99 and its 200 day moving average price is $23.85. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61. The firm has a market cap of $5.93 billion, a P/E ratio of 25.24 and a beta of 1.24.

Insider Buying and Selling

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the firm’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 owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This trade represents a 11.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of Gates Industrial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC raised its position in shares of Gates Industrial by 133.2% in the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock worth $29,000 after acquiring an additional 666 shares during the period. SJS Investment Consulting Inc. increased its stake in shares of Gates Industrial by 5,123.7% in the 3rd quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after purchasing an additional 1,947 shares in the last quarter. Quent Capital LLC acquired a new position in Gates Industrial in the 3rd quarter worth about $51,000. Allworth Financial LP boosted its position in Gates Industrial by 43.0% during the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock worth $48,000 after purchasing an additional 630 shares in the last quarter. Finally, Avanza Fonder AB grew its holdings in Gates Industrial by 85.3% in the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock valued at $61,000 after purchasing an additional 1,124 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.