Brokerages Set Gates Industrial Corp PLC (NYSE:GTES) Target Price at $19.13

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been given a consensus rating of “Moderate Buy” by the nine research firms that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $19.00.

GTES has been the topic of a number of research analyst reports. Barclays cut their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $19.00 to $20.00 and gave the company a “sector perform” rating in a research report on Thursday. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday. Robert W. Baird dropped their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Citigroup lifted their target price on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th.

Insider Activity at Gates Industrial

In other Gates Industrial news, major shareholder Blackstone Inc. sold 20,125,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the completion of the sale, the insider now directly owns 77,326 shares of the company’s stock, valued at $1,262,733.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Gates Industrial

Several hedge funds and other institutional investors have recently made changes to their positions in GTES. GAMMA Investing LLC acquired a new position in Gates Industrial during the 4th quarter valued at about $27,000. Gladius Capital Management LP acquired a new position in shares of Gates Industrial during the fourth quarter valued at about $48,000. TFO Wealth Partners LLC raised its position in shares of Gates Industrial by 68,390.0% in the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. boosted its stake in Gates Industrial by 26.4% in the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after purchasing an additional 1,654 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in Gates Industrial during the 4th quarter worth approximately $147,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Down 5.2 %

Shares of NYSE:GTES opened at $16.81 on Friday. The firm has a market capitalization of $4.40 billion, a PE ratio of 18.47 and a beta of 1.44. The business has a 50 day simple moving average of $16.59 and a two-hundred day simple moving average of $16.06. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $19.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.15.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The company had revenue of $862.60 million during the quarter, compared to analysts’ expectations of $866.00 million. On average, equities analysts predict that Gates Industrial will post 1.27 EPS for the current year.

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.