Gates Industrial Corp PLC (NYSE:GTES) Receives $24.00 Average Target Price from Brokerages

Gates Industrial Corp PLC (NYSE:GTES) has been assigned a consensus rating of “Moderate Buy” from the nine ratings firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $23.33.

A number of equities analysts recently commented on GTES shares. Citigroup dropped their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Evercore ISI increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group reduced 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 note on Wednesday, March 19th. Barclays decreased their price objective on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday, March 26th. Finally, KeyCorp cut their target price on Gates Industrial from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday.

Gates Industrial Trading Down 3.1 %

Gates Industrial stock opened at $15.55 on Friday. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The stock has a market cap of $3.97 billion, a P/E ratio of 21.29 and a beta of 1.24. The company’s fifty day simple moving average is $20.21 and its 200-day simple moving average is $20.13.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates 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 forecast that Gates Industrial will post 1.36 EPS for the current fiscal year.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Gates Industrial

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC grew its position in Gates Industrial by 48.9% in the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock worth $399,931,000 after purchasing an additional 6,383,165 shares during the last quarter. State Street Corp lifted its stake in shares of Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares during the period. JPMorgan Chase & Co. grew its position in Gates Industrial by 1,185.0% during the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock worth $69,187,000 after buying an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Gates Industrial by 540.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock valued at $74,247,000 after acquiring an additional 3,046,064 shares during the period. Finally, Norges Bank acquired a new position in Gates Industrial in the 4th quarter valued at approximately $56,520,000. 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.