Gates Industrial (NYSE:GTES) Hits New 1-Year High After Analyst Upgrade

Gates Industrial Corp PLC (NYSE:GTES)’s share price hit a new 52-week high on Tuesday after Barclays raised their price target on the stock from $16.00 to $21.00. Barclays currently has an equal weight rating on the stock. Gates Industrial traded as high as $20.19 and last traded at $20.08, with a volume of 1194478 shares trading hands. The stock had previously closed at $19.63.

GTES has been the topic of a number of other reports. Evercore ISI lifted their price objective on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. The Goldman Sachs Group upped their price target on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. KeyCorp increased their price objective on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Robert W. Baird reduced their target price 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. Finally, Morgan Stanley started 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 for the company. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Buying and Selling at Gates Industrial

In related news, Director Wilson S. Neely bought 11,952 shares of Gates Industrial stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GTES. Mutual of America Capital Management LLC acquired a new stake in Gates Industrial in the third quarter worth about $597,000. Natixis Advisors LLC grew its position in shares of Gates Industrial by 25.3% during the 3rd quarter. Natixis Advisors LLC now owns 170,785 shares of the company’s stock worth $2,997,000 after buying an additional 34,461 shares during the period. Empowered Funds LLC acquired a new stake in shares of Gates Industrial during the 3rd quarter worth approximately $7,242,000. CIBC Asset Management Inc bought a new stake in shares of Gates Industrial during the third quarter worth approximately $305,000. Finally, KBC Group NV lifted its holdings in Gates Industrial by 35.1% in the third quarter. KBC Group NV now owns 5,646 shares of the company’s stock valued at $99,000 after buying an additional 1,468 shares during the period. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Trading Up 5.5 %

The business’s 50 day simple moving average is $17.89 and its 200-day simple moving average is $17.21. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The stock has a market capitalization of $5.44 billion, a P/E ratio of 25.72 and a beta of 1.38.

Gates Industrial announced that its Board of Directors has approved a share repurchase program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are 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.