Gates Industrial Corp PLC (NYSE:GTES) Receives $18.00 Average Price Target from Brokerages

Gates Industrial Corp PLC (NYSE:GTES) has been given a consensus rating of “Moderate Buy” by the six analysts that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $18.00.

A number of equities analysts have recently weighed in on GTES shares. KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 target price on the stock in a research note on Thursday, February 22nd. Citigroup boosted their target price on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. The Goldman Sachs Group boosted their target price on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Evercore ISI boosted their target price 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. Finally, Jefferies Financial Group started coverage on Gates Industrial in a research note on Thursday, February 29th. They issued a “buy” rating and a $21.00 target price on the stock.

Gates Industrial Stock Performance

GTES stock opened at $17.66 on Friday. The stock has a 50-day moving average price of $16.23 and a 200-day moving average price of $13.69. Gates Industrial has a 1-year low of $10.68 and a 1-year high of $17.86. 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 firm has a market cap of $4.67 billion, a PE ratio of 20.77 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.10. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The firm had revenue of $863.30 million during the quarter, compared to analyst estimates 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, major shareholder Blackstone Inc. sold 24,276,100 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the transaction, the insider now owns 107,324 shares in the company, valued at $1,292,180.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Gates Industrial news, Director Neil P. Simpkins bought 1,000,000 shares of the stock in a transaction on Friday, February 16th. The shares were acquired at an average price of $12.20 per share, with a total value of $12,200,000.00. Following the acquisition, the director now directly owns 1,000,000 shares of the company’s stock, valued at approximately $12,200,000. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the sale, the insider now directly owns 107,324 shares in the company, valued at approximately $1,292,180.96. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 1,030,492 shares of company stock worth $12,582,402. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

A number of hedge funds and other institutional investors have recently bought and sold shares of GTES. GAMMA Investing LLC bought a new position in shares of Gates Industrial in the fourth quarter worth $27,000. Gladius Capital Management LP bought a new position in shares of Gates Industrial in the fourth quarter worth $48,000. Covestor Ltd increased its holdings in shares of Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after purchasing an additional 1,454 shares during the period. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Gates Industrial in the third quarter worth $77,000. Finally, CWM LLC increased its holdings 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. 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.