Gates Industrial (NYSE:GTES) Hits New 1-Year High at $17.99

Gates Industrial Corp PLC (NYSE:GTES)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $17.99 and last traded at $17.88, with a volume of 231187 shares. The stock had previously closed at $17.71.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Citigroup boosted their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Wolfe Research raised 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. The Goldman Sachs Group raised their price target 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 set a “buy” rating and a $21.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.00.

Gates Industrial Price Performance

The company’s fifty day moving average is $16.81 and its two-hundred day moving average is $13.97. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of 19.33 and a beta of 1.54.

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

Insider Buying and Selling at Gates Industrial

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

Hedge Funds Weigh In On Gates Industrial

Institutional investors have recently modified their holdings of the business. Advisory Services Network LLC increased its stake in Gates Industrial by 2.9% during 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. Covestor Ltd boosted 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 valued at $57,000 after buying an additional 1,454 shares during the period. Johnson Financial Group Inc. increased its position in shares of Gates Industrial by 26.4% during the fourth quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after acquiring an additional 1,654 shares in the last quarter. Uncommon Cents Investing LLC raised its holdings in shares of Gates Industrial by 11.4% during the first quarter. Uncommon Cents Investing LLC now owns 19,980 shares of the company’s stock worth $354,000 after acquiring an additional 2,045 shares during the period. Finally, GAMMA Investing LLC bought a new stake in Gates Industrial in the 4th quarter valued at $27,000. 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.