Analysts Set Gates Industrial Corp PLC (NYSE:GTES) Target Price at $24.00

Shares of Gates Industrial Corp PLC (NYSE:GTES) have earned an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $24.00.

GTES has been the subject of several analyst reports. Barclays cut their target price on Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, March 26th. The Goldman Sachs Group reduced their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. KeyCorp increased their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Citigroup reduced their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Royal Bank of Canada increased their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th.

Gates Industrial Price Performance

GTES opened at $15.78 on Friday. The firm has a 50-day moving average price of $20.48 and a 200-day moving average price of $20.20. Gates Industrial has a twelve month low of $15.11 and a twelve month high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of 21.61 and a beta of 1.24.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities analysts expect that Gates Industrial will post 1.36 EPS for the current year.

Insider Buying and Selling

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Versant Capital Management Inc grew its holdings in shares of Gates Industrial by 295.1% during the 1st quarter. Versant Capital Management Inc now owns 9,853 shares of the company’s stock valued at $181,000 after purchasing an additional 7,359 shares during the last quarter. Kera Capital Partners Inc. boosted its position in Gates Industrial by 37.8% during the first quarter. Kera Capital Partners Inc. now owns 13,757 shares of the company’s stock valued at $253,000 after buying an additional 3,771 shares during the period. California State Teachers Retirement System grew its stake in shares of Gates Industrial by 14.1% during the fourth quarter. California State Teachers Retirement System now owns 225,512 shares of the company’s stock valued at $4,639,000 after buying an additional 27,898 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Gates Industrial by 3.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,815 shares of the company’s stock worth $819,000 after buying an additional 1,363 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Gates Industrial in the 4th quarter valued at about $10,033,000. 98.50% of the stock is owned by hedge funds and other 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.