Gates Industrial Corporation PLC (NYSE:GTES) Receives $27.27 Consensus Target Price from Analysts

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have received a consensus rating of “Moderate Buy” from the twelve analysts that are covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $27.2727.

A number of research analysts have recently issued reports on GTES shares. Wall Street Zen lowered shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 28th. Wells Fargo & Company began coverage on Gates Industrial in a research report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 target price on the stock. JPMorgan Chase & Co. reduced their price target on Gates Industrial from $35.00 to $33.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Industrial Alliance Securities set a $35.00 price target on Gates Industrial in a research note on Monday, August 25th. Finally, Zacks Research cut Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th.

Insider Activity at Gates Industrial

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the business’s stock in a transaction dated 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 approximately $4,044,566.79. The trade was a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.70% of the stock is owned by company insiders.

Institutional Trading of Gates Industrial

Institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Gates Industrial during the second quarter worth about $80,713,000. Driehaus Capital Management LLC increased its stake in shares of Gates Industrial by 4,976.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock valued at $29,573,000 after acquiring an additional 1,574,701 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Gates Industrial during the 2nd quarter worth about $32,255,000. Vanguard Group Inc. boosted its position in shares of Gates Industrial by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock worth $664,019,000 after acquiring an additional 1,281,339 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in Gates Industrial by 22.3% in the third quarter. Franklin Resources Inc. now owns 6,923,169 shares of the company’s stock valued at $171,833,000 after purchasing an additional 1,261,849 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Trading Down 1.9%

Shares of GTES stock opened at $21.91 on Wednesday. The company has a market capitalization of $5.66 billion, a P/E ratio of 24.08 and a beta of 1.22. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average is $23.24 and its two-hundred day moving average is $23.83. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $26.46.

About Gates Industrial

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.