Gates Industrial Corp PLC (NYSE:GTES) Receives $18.00 Consensus Price Target from Analysts

Gates Industrial Corp PLC (NYSE:GTES) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $18.00.

GTES has been the subject of several research reports. Jefferies Financial Group initiated coverage on Gates Industrial in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 price target for the company. Citigroup lifted their price target on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, April 8th. Evercore ISI lifted their price target on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Finally, The Goldman Sachs Group boosted their target price on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th.

Gates Industrial Trading Down 1.8 %

Shares of NYSE GTES opened at $17.45 on Friday. Gates Industrial has a one year low of $10.68 and a one year high of $17.86. The firm has a market capitalization of $4.61 billion, a PE ratio of 20.52 and a beta of 1.57. The company has a current ratio of 3.08, a quick ratio of 2.25 and a debt-to-equity ratio of 0.70. The business has a 50-day moving average price of $16.42 and a two-hundred day moving average price of $13.76.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.10. The business had revenue of $863.30 million during the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. As a group, analysts predict that Gates Industrial will post 1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Gates Industrial news, Director Neil P. Simpkins purchased 1,000,000 shares of the company’s stock in a transaction on Friday, February 16th. The shares were bought at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the transaction, the director now directly owns 1,000,000 shares in the company, valued at approximately $12,200,000. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Gates Industrial news, Director Neil P. Simpkins purchased 1,000,000 shares of the company’s stock in a transaction on Friday, February 16th. The shares were bought at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the transaction, the director now directly owns 1,000,000 shares in the company, valued at approximately $12,200,000. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the completion of the transaction, the insider now directly owns 107,324 shares in the company, valued at $1,292,180.96. The disclosure for this sale can be found here. Insiders have acquired a total of 1,030,492 shares of company stock valued at $12,582,402 in the last three months. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Gates Industrial

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $27,000. Gladius Capital Management LP bought a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $48,000. Covestor Ltd increased its position in shares of Gates Industrial by 42.8% during the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock valued at $57,000 after purchasing an additional 1,454 shares during the period. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Gates Industrial during the third quarter valued at approximately $77,000. Finally, CWM LLC increased its position in shares of Gates Industrial by 293.1% during the third quarter. CWM LLC now owns 7,433 shares of the company’s stock valued at $86,000 after purchasing an additional 5,542 shares during the period. 98.50% of the stock is currently owned by 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.