Gates Industrial (NYSE:GTES) Stock Price Expected to Rise, KeyCorp Analyst Says

Gates Industrial (NYSE:GTES) had its target price hoisted by KeyCorp from $21.00 to $22.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities research analysts have also issued reports about the stock. Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. The Goldman Sachs Group boosted their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Evercore ISI raised their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Robert W. Baird lowered 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, Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.80.

Gates Industrial Stock Performance

NYSE:GTES opened at $19.52 on Thursday. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of 23.52 and a beta of 1.38. The business has a 50 day moving average of $17.74 and a 200 day moving average of $17.14. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.20. Gates Industrial has a 1-year low of $10.94 and a 1-year high of $20.01.

Gates Industrial announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 31st that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely acquired 11,952 shares of the stock in a transaction on Wednesday, August 21st. The stock was acquired at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the acquisition, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $100,800. This represents a -200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC grew its stake in Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after purchasing an additional 1,320 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Gates Industrial during the 3rd quarter valued at $67,000. GAMMA Investing LLC grew its position in shares of Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares during the period. Covestor Ltd increased its stake in shares of Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares in the last quarter. Finally, Point72 DIFC Ltd purchased a new position in Gates Industrial during the 2nd quarter valued at about $142,000. Institutional investors own 98.50% of the company’s stock.

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.