Gates Industrial (NYSE:GTES) Reaches New 1-Year High After Analyst Upgrade

Gates Industrial Corp PLC (NYSE:GTES) reached a new 52-week high on Tuesday after Barclays raised their price target on the stock from $16.00 to $21.00. Barclays currently has an equal weight rating on the stock. Gates Industrial traded as high as $20.19 and last traded at $20.08, with a volume of 1194478 shares. The stock had previously closed at $19.63.

GTES has been the subject of a number of other reports. The Goldman Sachs Group lifted their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. KeyCorp lifted their target price on shares of Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Evercore ISI raised their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Robert W. Baird decreased their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Insider Activity

In related news, Director Wilson S. Neely acquired 11,952 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average price of $16.80 per share, with a total value of $200,793.60. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at approximately $100,800. This trade represents a -200.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Trading of Gates Industrial

Several large investors have recently bought and sold shares of the company. Venturi Wealth Management LLC raised its stake in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the period. State of New Jersey Common Pension Fund D increased its stake in shares of Gates Industrial by 2.8% in the third quarter. State of New Jersey Common Pension Fund D now owns 110,629 shares of the company’s stock valued at $1,942,000 after purchasing an additional 3,061 shares during the period. Crossmark Global Holdings Inc. increased its holdings in shares of Gates Industrial by 7.0% during the third quarter. Crossmark Global Holdings Inc. now owns 53,079 shares of the company’s stock valued at $931,000 after purchasing an additional 3,459 shares during the period. Covestor Ltd increased its stake in shares of Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of Gates Industrial during the 3rd quarter valued at $67,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Up 2.8 %

The stock has a 50 day moving average price of $17.77 and a 200 day moving average price of $17.16. The company has a market cap of $5.14 billion, a P/E ratio of 24.25 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Gates Industrial declared that its board has authorized a share buyback program on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.