Gates Industrial (NYSE:GTES) Sets New 12-Month High – Here’s What Happened

Gates Industrial Corp PLC (NYSE:GTES)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $22.48 and last traded at $22.46, with a volume of 787724 shares trading hands. The stock had previously closed at $22.16.

Wall Street Analyst Weigh In

GTES has been the topic of a number of analyst reports. KeyCorp upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Morgan Stanley initiated coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective on the stock. Barclays upped their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Royal Bank of Canada upgraded shares of 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 report on Monday, August 19th. Finally, Evercore ISI boosted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.40.

Gates Industrial Price Performance

The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The stock has a market cap of $5.68 billion, a P/E ratio of 26.70 and a beta of 1.38. The business’s 50-day simple moving average is $19.33 and its two-hundred day simple moving average is $17.74.

Institutional Investors Weigh In On Gates Industrial

A number of institutional investors and hedge funds have recently bought and sold shares of GTES. Price T Rowe Associates Inc. MD raised its stake in shares of Gates Industrial by 67.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 61,668 shares of the company’s stock worth $1,093,000 after acquiring an additional 24,946 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Gates Industrial by 33.1% during the first quarter. Public Employees Retirement System of Ohio now owns 65,879 shares of the company’s stock worth $1,167,000 after acquiring an additional 16,398 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Gates Industrial by 15.8% in the first quarter. California State Teachers Retirement System now owns 171,137 shares of the company’s stock worth $3,031,000 after purchasing an additional 23,291 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Gates Industrial by 11.3% in the first quarter. Tidal Investments LLC now owns 53,384 shares of the company’s stock worth $945,000 after purchasing an additional 5,402 shares during the last quarter. Finally, First Hawaiian Bank bought a new position in shares of Gates Industrial in the second quarter worth approximately $520,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.