Brokerages Set Gates Industrial Corp PLC (NYSE:GTES) Target Price at $24.00

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $23.00.

GTES has been the topic of a number of research analyst reports. KeyCorp decreased their price objective on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday. Barclays lowered their price target on shares of Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday. The Goldman Sachs Group dropped their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Citigroup lowered their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th.

Insider Activity at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTES. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Gates Industrial by 15.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,197 shares of the company’s stock worth $735,000 after purchasing an additional 5,643 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Gates Industrial by 91.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 563,407 shares of the company’s stock worth $9,888,000 after purchasing an additional 268,484 shares in the last quarter. Benjamin Edwards Inc. raised its holdings in Gates Industrial by 69.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 30,558 shares of the company’s stock worth $536,000 after buying an additional 12,482 shares during the period. HighTower Advisors LLC bought a new position in Gates Industrial in the third quarter valued at approximately $179,000. Finally, Maven Securities LTD boosted its holdings in shares of Gates Industrial by 41.7% in the third quarter. Maven Securities LTD now owns 17,000 shares of the company’s stock valued at $298,000 after buying an additional 5,000 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

NYSE:GTES opened at $17.20 on Friday. The stock has a market capitalization of $4.39 billion, a P/E ratio of 23.56 and a beta of 1.24. Gates Industrial has a 1 year low of $14.70 and a 1 year high of $23.85. The firm has a 50 day moving average of $20.04 and a 200-day moving average of $20.12. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, sell-side analysts anticipate that Gates Industrial will post 1.36 EPS for the current fiscal year.

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.