Gates Industrial (NYSE:GTES) Price Target Raised to $21.00

Gates Industrial (NYSE:GTES) had its price objective raised by stock analysts at Barclays from $16.00 to $21.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential downside of 1.64% from the company’s previous close.

A number of other research analysts also recently commented on GTES. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group raised their price target on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. KeyCorp increased their target price on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Robert W. Baird reduced their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Finally, Morgan Stanley started coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective on the stock. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.30.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $21.35 on Tuesday. 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 has a 1 year low of $11.11 and a 1 year high of $21.52. The firm’s 50-day simple moving average is $17.89 and its 200-day simple moving average is $17.21. The firm has a market cap of $5.44 billion, a PE ratio of 25.72 and a beta of 1.38.

Gates Industrial declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of Gates Industrial stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now owns 6,000 shares in the company, valued at approximately $100,800. This trade represents a -200.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Gates Industrial

Several large investors have recently modified their holdings of the stock. Headlands Technologies LLC lifted its holdings in shares of Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after purchasing an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC lifted 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 valued at $54,000 after buying an additional 814 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Gates Industrial in the third quarter worth about $67,000. GAMMA Investing LLC increased its position in shares of Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares in the last quarter. Finally, Covestor Ltd raised its holdings 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. 98.50% of the stock is 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.