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

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

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

Gates Industrial Trading Up 5.5 %

Shares of GTES stock opened at $21.35 on Tuesday. Gates Industrial has a fifty-two week low of $11.11 and a fifty-two week high of $21.52. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $17.89 and a 200-day simple moving average of $17.21. The stock has a market cap of $5.44 billion, a P/E ratio of 25.72 and a beta of 1.38.

Gates Industrial announced that its board has initiated a stock repurchase program on Wednesday, July 31st that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average cost of $16.80 per share, with a total value 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 GTES. Vanguard Group Inc. lifted its position in shares of Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after purchasing an additional 2,678,954 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Gates Industrial by 2.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock valued at $262,011,000 after buying an additional 303,353 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Gates Industrial by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after buying an additional 1,037,741 shares during the last quarter. LSV Asset Management increased its position in shares of Gates Industrial by 19.9% during the second quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock worth $65,421,000 after acquiring an additional 686,080 shares during the last quarter. Finally, Fred Alger Management LLC increased its position in shares of Gates Industrial by 156.8% during 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 during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Company Profile

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.