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

Gates Industrial Corp PLC (NYSE:GTES) reached 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 traded. The stock had previously closed at $22.65.

Analyst Upgrades and Downgrades

Several research analysts have commented on GTES shares. KeyCorp upped 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. Jefferies Financial Group upped 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. Royal Bank of Canada upped their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Finally, Barclays upped 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 analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average price target of $23.20.

Gates Industrial Stock Up 2.9 %

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

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. As a group, equities research analysts forecast that Gates Industrial Corp PLC will post 1.4 earnings per share for the current year.

Institutional Trading of Gates Industrial

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTES. GeoWealth Management LLC lifted its stake in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after purchasing an additional 789 shares during the last quarter. Assetmark Inc. lifted its position in shares of Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Gates Industrial in the 4th quarter valued at approximately $43,000. Versant Capital Management Inc lifted its position in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its position in shares of Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

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.