The Goldman Sachs Group Increases Gates Industrial (NYSE:GTES) Price Target to $20.00

Gates Industrial (NYSE:GTES) had its price objective lifted by equities research analysts at The Goldman Sachs Group from $18.00 to $20.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 7.58% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Citigroup boosted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, April 8th. Barclays lowered their price objective on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. Finally, Robert W. Baird upped their price target on Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.38.

Gates Industrial Stock Performance

NYSE GTES opened at $18.59 on Thursday. The company’s fifty day moving average is $16.58 and its two-hundred day moving average is $16.01. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $19.07. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 20.43 and a beta of 1.44.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. The firm had revenue of $862.60 million during the quarter, compared to analysts’ expectations of $866.00 million. Equities research analysts forecast that Gates Industrial will post 1.27 EPS for the current year.

Insider Activity at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of Gates Industrial stock in a transaction dated 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 sale, the insider now owns 77,326 shares of the company’s stock, valued at $1,262,733.58. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently made changes to their positions in GTES. GAMMA Investing LLC bought a new position in Gates Industrial during the fourth quarter worth about $27,000. Gladius Capital Management LP acquired a new position in shares of Gates Industrial during the 4th quarter worth approximately $48,000. TFO Wealth Partners LLC increased its holdings in shares of Gates Industrial by 68,390.0% during the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after acquiring an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. lifted its holdings in Gates Industrial by 26.4% during 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 last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new position in Gates Industrial during the fourth quarter worth $147,000. 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.