Gates Industrial Corp PLC (NYSE:GTES) Receives $19.80 Consensus Price Target from Brokerages

Gates Industrial Corp PLC (NYSE:GTES) has received an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $20.30.

A number of equities analysts have recently weighed in on the company. 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 report on Thursday, August 1st. Robert W. Baird dropped their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Evercore ISI lifted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. KeyCorp upped their price target on shares of Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Barclays increased their price objective on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now owns 6,000 shares of the company’s stock, valued at approximately $100,800. This trade represents a -200.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gates Industrial

A number of institutional investors have recently added to or reduced their stakes in GTES. Headlands Technologies LLC lifted its position 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. Venturi Wealth Management LLC lifted its holdings in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Gates Industrial during the 3rd quarter worth about $67,000. GAMMA Investing LLC boosted its position in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares in the last quarter. Finally, Covestor Ltd increased its stake in Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Stock Performance

Shares of GTES stock opened at $21.26 on Tuesday. The stock’s fifty day simple moving average is $17.96 and its 200-day simple moving average is $17.24. The company has a market capitalization of $5.42 billion, a price-to-earnings ratio of 25.61 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial has a 1-year low of $11.14 and a 1-year high of $21.54.

Gates Industrial declared that its board has approved a share buyback plan on Wednesday, July 31st that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership 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.