Gates Industrial (NYSE:GTES) Hits New 12-Month High – What’s Next?

Gates Industrial Corp PLC (NYSE:GTES)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $23.41 and last traded at $23.32, with a volume of 3071525 shares trading hands. The stock had previously closed at $22.65.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Jefferies Financial Group increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. KeyCorp increased their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, Barclays increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial presently has an average rating of “Moderate Buy” and an average target price of $23.20.

Gates Industrial Trading Up 2.9 %

The company’s 50 day moving average price is $21.01 and its 200 day moving average price is $19.50. The company has a market cap of $5.94 billion, a price-to-earnings ratio of 31.94 and a beta of 1.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. Research analysts anticipate that Gates Industrial Corp PLC will post 1.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GTES. Everence Capital Management Inc. acquired a new position in Gates Industrial in the 3rd quarter valued at $247,000. Jade Capital Advisors LLC acquired a new position in Gates Industrial in the 3rd quarter valued at $1,316,000. Tectonic Advisors LLC grew its stake in Gates Industrial by 5.5% in the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock valued at $353,000 after buying an additional 1,043 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in Gates Industrial in the 3rd quarter valued at $1,918,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Gates Industrial by 10.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 38,452 shares of the company’s stock valued at $675,000 after buying an additional 3,610 shares during the last quarter. Institutional investors and hedge funds 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.