Analysts Set Gates Industrial Corp PLC (NYSE:GTES) Price Target at $19.40

Gates Industrial Corp PLC (NYSE:GTES) has received an average rating of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $19.40.

A number of research firms have weighed in on GTES. Morgan Stanley began coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Robert W. Baird dropped their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Evercore ISI lifted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Finally, The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st.

Insider Buying and Selling

In related news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The stock was bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the acquisition, the director now owns 6,000 shares of the company’s stock, valued at $100,800. This trade represents a -200.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently modified their holdings of GTES. Headlands Technologies LLC grew its position in Gates Industrial by 341.1% in the 2nd 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. GAMMA Investing LLC grew its holdings in Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Gates Industrial in the 2nd quarter valued at approximately $142,000. Levin Capital Strategies L.P. bought a new stake in Gates Industrial during the 2nd quarter valued at $158,000. Finally, HighPoint Advisor Group LLC acquired a new position in Gates Industrial during the 4th quarter worth $164,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

GTES stock opened at $18.34 on Friday. The firm has a market cap of $4.79 billion, a P/E ratio of 20.15 and a beta of 1.40. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $19.07. The stock has a 50-day simple moving average of $17.36 and a 200-day simple moving average of $17.03.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The company had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. On average, equities analysts predict that Gates Industrial will post 1.24 earnings per share for the current fiscal year.

Gates Industrial announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 31st that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership 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.