Gates Industrial (NYSE:GTES) Price Target Raised to $18.00 at The Goldman Sachs Group

Gates Industrial (NYSE:GTES) had its price objective hoisted by The Goldman Sachs Group from $16.00 to $18.00 in a research note published on Tuesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also recently commented on GTES. KeyCorp upgraded Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 target price on the stock in a research note on Thursday, February 22nd. Wolfe Research upgraded Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 target price on the stock in a research note on Friday, March 8th. TheStreet upgraded Gates Industrial from a c+ rating to a b- rating in a research note on Monday, January 8th. Evercore ISI boosted their target price on Gates Industrial from $12.50 to $14.00 and gave the company an in-line rating in a research note on Tuesday, February 20th. Finally, Citigroup upped their price objective on Gates Industrial from $17.00 to $20.00 and gave the stock a buy rating in a research note on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $18.00.

Gates Industrial Trading Up 0.2 %

NYSE:GTES opened at $17.34 on Tuesday. Gates Industrial has a fifty-two week low of $10.68 and a fifty-two week high of $17.86. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25. The stock has a market capitalization of $4.58 billion, a PE ratio of 20.40 and a beta of 1.57. The business’s 50-day simple moving average is $15.88 and its 200-day simple moving average is $13.52.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.10. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The business had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. Sell-side analysts expect that Gates Industrial will post 1.32 earnings per share for the current fiscal year.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, with a total value of $132,400.00. Following the acquisition, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Gates Industrial news, Director Wilson S. Neely bought 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, with a total value of $132,400.00. Following the acquisition, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Neil P. Simpkins bought 1,000,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were acquired at an average cost of $12.20 per share, for a total transaction of $12,200,000.00. Following the completion of the acquisition, the director now directly owns 1,000,000 shares in the company, valued at approximately $12,200,000. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,030,492 shares of company stock worth $12,582,402 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in Gates Industrial in the 4th quarter valued at $27,000. Tower Research Capital LLC TRC grew its holdings in Gates Industrial by 207.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock valued at $33,000 after buying an additional 1,588 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Gates Industrial in the 1st quarter valued at $45,000. Gladius Capital Management LP acquired a new position in Gates Industrial in the 4th quarter valued at $48,000. Finally, Quarry LP acquired a new position in Gates Industrial in the 1st quarter valued at $51,000. 98.50% of the stock is owned by institutional investors and hedge funds.

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.