Gates Industrial (NYSE:GTES) Sets New 52-Week High After Analyst Upgrade

Gates Industrial Corp PLC (NYSE:GTES) hit a new 52-week high during trading 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 trading hands. The stock had previously closed at $19.63.

A number of other research analysts also recently commented on GTES. Evercore ISI increased their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report 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 target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. The Goldman Sachs Group boosted their target price 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 increased their price objective on shares of Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price on the stock. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Insider Transactions at Gates Industrial

In other news, Director Wilson S. Neely purchased 11,952 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the purchase, the director now owns 6,000 shares in the company, valued at approximately $100,800. This represents a -200.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Gates Industrial by 17.5% during the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after acquiring an additional 2,678,954 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Gates Industrial by 2.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after purchasing an additional 1,037,741 shares during the last quarter. LSV Asset Management grew its stake in shares of Gates Industrial by 19.9% during the 2nd quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock valued at $65,421,000 after buying an additional 686,080 shares during the period. Finally, Fred Alger Management LLC increased its position in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after acquiring an additional 1,627,482 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Trading Up 2.8 %

The business’s 50-day moving average price is $17.77 and its 200 day moving average price is $17.16. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of 24.25 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial announced that its Board of Directors has authorized a share repurchase program on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is 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.