The Goldman Sachs Group Issues Positive Forecast for Gates Industrial (NYSE:GTES) Stock Price

Gates Industrial (NYSE:GTES) had its price objective increased by The Goldman Sachs Group from $20.00 to $23.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts have also recently commented on GTES. Citigroup cut their price target on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Barclays upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Wall Street Zen upgraded shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. Royal Bank of Canada increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Finally, KeyCorp increased their target price on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $22.89.

Gates Industrial Trading Up 2.4%

Shares of GTES opened at $21.44 on Tuesday. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $23.85. The company has a market cap of $5.53 billion, a P/E ratio of 29.37 and a beta of 1.23. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The company’s fifty day simple moving average is $19.02 and its 200-day simple moving average is $20.36.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analysts’ expectations of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. As a group, analysts expect that Gates Industrial will post 1.36 EPS for the current year.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Trading of Gates Industrial

Several hedge funds have recently modified their holdings of the company. FMR LLC lifted its position in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after buying an additional 6,383,165 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Gates Industrial by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after purchasing an additional 616,687 shares during the last quarter. Invesco Ltd. raised its position in shares of Gates Industrial by 2.3% in the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock valued at $152,354,000 after purchasing an additional 168,328 shares during the last quarter. Fiduciary Management Inc. WI raised its position in shares of Gates Industrial by 0.6% in the 1st quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company’s stock valued at $133,774,000 after purchasing an additional 41,541 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Gates Industrial by 30.5% in the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock valued at $127,386,000 after purchasing an additional 1,618,598 shares during the last quarter. 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.