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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have received a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the stock, Marketbeat reports. Four 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 price target among analysts that have issued ratings on the stock in the last year is $19.40.

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

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $17.70 on Friday. The business’s fifty day simple moving average is $17.26 and its 200 day simple moving average is $17.03. The firm has a market capitalization of $4.63 billion, a P/E ratio of 19.45 and a beta of 1.40. Gates Industrial has a 12 month low of $10.68 and a 12 month high of $19.07. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The business had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. As a group, analysts anticipate that Gates Industrial will post 1.24 EPS for the current year.

Gates Industrial declared that its board has initiated a share repurchase program on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Gates Industrial

In other news, Director Wilson S. Neely acquired 11,952 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

A number of hedge funds and other institutional investors have recently modified their holdings of GTES. Vanguard Group Inc. raised its position in Gates Industrial by 11.0% during the 4th quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company’s stock valued at $205,726,000 after purchasing an additional 1,519,041 shares during the last quarter. HighPoint Advisor Group LLC bought a new position in Gates Industrial during the 4th quarter valued at approximately $164,000. Confluence Investment Management LLC bought a new position in Gates Industrial during the 1st quarter valued at approximately $28,390,000. Hennion & Walsh Asset Management Inc. raised its position in Gates Industrial by 45.9% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 27,614 shares of the company’s stock valued at $489,000 after purchasing an additional 8,693 shares during the last quarter. Finally, Oak Thistle LLC bought a new position in Gates Industrial during the 1st quarter valued at approximately $414,000. Institutional investors own 98.50% of the company’s stock.

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.