The Goldman Sachs Group Increases Gates Industrial (NYSE:GTES) Price Target to $18.00

Gates Industrial (NYSE:GTES) had its price objective raised by investment analysts at The Goldman Sachs Group from $16.00 to $18.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 4.23% from the stock’s current price.

Other equities analysts have also issued reports about 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. Jefferies Financial Group initiated coverage on shares of Gates Industrial in a report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price objective for the company. Citigroup boosted their price objective on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Evercore ISI boosted their price objective on shares of Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Finally, TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Gates Industrial Price Performance

GTES stock opened at $17.27 on Tuesday. The firm has a 50 day moving average price of $15.96 and a 200-day moving average price of $13.55. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $17.86. The firm has a market capitalization of $4.56 billion, a price-to-earnings ratio of 20.32 and a beta of 1.57. 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 (NYSE:GTES) last released its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) 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 analyst estimates of $892.40 million. Equities research analysts forecast that Gates Industrial will post 1.32 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GTES. Advisory Services Network LLC lifted its stake in Gates Industrial by 2.9% in the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after purchasing an additional 978 shares in the last quarter. Natixis Advisors L.P. lifted its stake in Gates Industrial by 2.1% in the 2nd quarter. Natixis Advisors L.P. now owns 47,443 shares of the company’s stock worth $640,000 after purchasing an additional 982 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in Gates Industrial by 1.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 59,458 shares of the company’s stock worth $580,000 after purchasing an additional 1,010 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Gates Industrial by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 16,784 shares of the company’s stock worth $234,000 after purchasing an additional 1,060 shares in the last quarter. Finally, Mariner LLC raised its position in shares of Gates Industrial by 3.2% during the 1st quarter. Mariner LLC now owns 38,507 shares of the company’s stock valued at $580,000 after buying an additional 1,212 shares in the last quarter. 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.