Gates Industrial Corp PLC (NYSE:GTES) Receives $19.13 Consensus Target Price from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES) have received an average rating of “Moderate Buy” from the nine analysts that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $19.00.

Several brokerages recently weighed in on GTES. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday. Royal Bank of Canada upped their price objective on Gates Industrial from $19.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Thursday. Barclays decreased their target price on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Tuesday, June 4th. Robert W. Baird cut their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Citigroup lifted 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.

Gates Industrial Price Performance

GTES stock opened at $16.81 on Friday. The business’s fifty day moving average price is $16.59 and its 200 day moving average price is $16.06. Gates Industrial has a 12-month low of $10.68 and a 12-month high of $19.07. The company has a current ratio of 3.11, a quick ratio of 2.15 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $4.40 billion, a PE ratio of 18.47 and a beta of 1.44.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The company had revenue of $862.60 million for the quarter, compared to analyst estimates of $866.00 million. On average, sell-side analysts anticipate that Gates Industrial will post 1.27 EPS for the current year.

Insider Transactions at Gates Industrial

In other news, major shareholder Blackstone Inc. sold 20,125,000 shares of the firm’s 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 sale, the insider now owns 77,326 shares of the company’s stock, valued at approximately $1,262,733.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC acquired a new position in Gates Industrial in the fourth quarter valued at $27,000. Gladius Capital Management LP purchased a new stake in shares of Gates Industrial in the 4th quarter valued at about $48,000. TFO Wealth Partners LLC boosted its position in shares of Gates Industrial by 68,390.0% in the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the period. Johnson Financial Group Inc. boosted its position in shares of Gates Industrial by 26.4% in the 4th 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 period. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in Gates Industrial during the 4th quarter worth approximately $147,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.