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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been given an average recommendation of “Moderate Buy” by the ten ratings firms that are presently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $19.40.

A number of research firms have recently issued reports on GTES. Evercore ISI boosted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. Robert W. Baird lowered their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Finally, Barclays decreased their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely bought 11,952 shares of the company’s stock in a transaction on 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 approximately $100,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Hedge funds have recently modified their holdings of the company. Headlands Technologies LLC boosted its position in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares during the last quarter. TFO Wealth Partners LLC increased its stake in shares of Gates Industrial by 68,390.0% in the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after buying an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. increased its stake in Gates Industrial by 26.4% during the fourth quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after purchasing an additional 1,654 shares during the last quarter. Point72 DIFC Ltd bought a new stake in Gates Industrial during the second quarter valued at $142,000. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in Gates Industrial during the fourth quarter valued at $147,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Stock Performance

GTES opened at $17.44 on Monday. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $4.56 billion, a PE ratio of 19.16 and a beta of 1.41. The firm’s 50-day moving average price is $17.16 and its 200 day moving average price is $16.93. Gates Industrial has a twelve month low of $10.68 and a twelve month high of $19.07.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.01. The company had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. As a group, sell-side analysts expect that Gates Industrial will post 1.24 EPS for the current fiscal year.

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.