Gates Industrial (NYSE:GTES) Hits New 1-Year High at $18.13

Shares of Gates Industrial Corp PLC (NYSE:GTES) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $18.13 and last traded at $17.71, with a volume of 77013 shares traded. The stock had previously closed at $17.73.

Analysts Set New Price Targets

GTES has been the topic of several recent analyst reports. Barclays dropped their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Citigroup upped their price objective on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. The Goldman Sachs Group lifted their target price on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, Robert W. Baird increased their price target on shares of Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Gates Industrial Price Performance

The business’s fifty day moving average price is $16.58 and its 200-day moving average price is $16.01. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $4.87 billion, a P/E ratio of 19.46 and a beta of 1.44.

Gates Industrial (NYSE:GTES) last issued its earnings results on Wednesday, May 1st. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The company had revenue of $862.60 million for the quarter, compared to analysts’ expectations of $866.00 million. As a group, sell-side analysts predict that Gates Industrial Corp PLC will post 1.27 earnings per share for the current fiscal year.

Insider Transactions at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the completion of the sale, the insider now directly owns 77,326 shares in the company, valued at approximately $1,262,733.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

A number of large investors have recently added to or reduced their stakes in GTES. Vanguard Group Inc. increased its holdings in Gates Industrial by 17.5% during the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after purchasing an additional 2,678,954 shares during the period. Allspring Global Investments Holdings LLC increased its position in Gates Industrial by 19.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock valued at $261,235,000 after purchasing an additional 2,450,526 shares during the period. Dimensional Fund Advisors LP raised its holdings in Gates Industrial by 14.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock worth $130,285,000 after purchasing an additional 1,239,261 shares in the last quarter. Cooke & Bieler LP raised its holdings in Gates Industrial by 7.9% in the 4th quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock worth $109,427,000 after purchasing an additional 594,559 shares in the last quarter. Finally, Fiduciary Management Inc. WI lifted its position in shares of Gates Industrial by 31.6% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock worth $94,369,000 after purchasing an additional 1,689,991 shares during the period. Institutional investors own 98.50% of the company’s stock.

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.