Royal Bank of Canada Increases Gates Industrial (NYSE:GTES) Price Target to $20.00

Gates Industrial (NYSE:GTES) had its price target boosted by Royal Bank of Canada from $19.00 to $20.00 in a research note released on Thursday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

A number of other brokerages have also issued reports on GTES. Barclays decreased 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. Robert W. Baird reduced their target price on Gates Industrial from $26.00 to $22.00 and set an outperform rating on the stock in a report on Thursday. Citigroup upped their price target on Gates Industrial from $17.00 to $20.00 and gave the stock a buy rating in a research note on Monday, April 8th. Finally, The Goldman Sachs Group lifted their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a neutral rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $19.00.

Gates Industrial Stock Down 5.2 %

GTES opened at $16.81 on Thursday. The firm has a market cap of $4.40 billion, a P/E ratio of 18.47 and a beta of 1.44. The business’s fifty day simple moving average is $16.59 and its 200 day simple moving average is $16.06. Gates Industrial has a 52 week low of $10.68 and a 52 week high of $19.07. The company has a quick ratio of 2.15, a current ratio of 3.11 and a debt-to-equity ratio of 0.68.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $862.60 million for the quarter, compared to analysts’ expectations of $866.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. As a group, equities research analysts anticipate that Gates Industrial will post 1.27 EPS for the current fiscal year.

Insider Activity at Gates Industrial

In other Gates Industrial news, major shareholder Blackstone Inc. sold 20,125,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the transaction, the insider now owns 77,326 shares in the company, valued at approximately $1,262,733.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

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