Gates Industrial Corp PLC (NYSE:GTES) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES) have received a consensus recommendation of “Moderate Buy” from the ten brokerages that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $20.30.

Several analysts recently issued reports on GTES shares. KeyCorp upped their target price on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Evercore ISI boosted their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target on the stock. The Goldman Sachs Group boosted their price target on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Finally, Robert W. Baird lowered their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st.

Insider Buying and Selling

In related news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the completion of the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. This represents a -200.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gates Industrial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC lifted its stake in Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after purchasing an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in Gates Industrial during the third quarter worth $67,000. GAMMA Investing LLC lifted its stake in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after purchasing an additional 2,998 shares during the last quarter. Finally, Covestor Ltd lifted its stake in Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

GTES opened at $21.27 on Tuesday. The business’s 50-day moving average price is $18.02 and its two-hundred day moving average price is $17.26. Gates Industrial has a 1 year low of $11.14 and a 1 year high of $21.54. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 25.63 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial declared that its board has approved a stock repurchase plan on Wednesday, July 31st that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

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.