Brokerages Set Gates Industrial Corp PLC (NYSE:GTES) Target Price at $24.33

Gates Industrial Corp PLC (NYSE:GTES) has earned an average recommendation of “Moderate Buy” from the nine brokerages that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $24.22.

A number of brokerages have recently issued reports on GTES. Barclays dropped their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Evercore ISI increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. Finally, Citigroup dropped their target price 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.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GTES. QRG Capital Management Inc. bought a new position in shares of Gates Industrial in the 3rd quarter valued at about $609,000. Amalgamated Bank boosted its stake in Gates Industrial by 93.5% during the 3rd quarter. Amalgamated Bank now owns 69,664 shares of the company’s stock worth $1,223,000 after acquiring an additional 33,668 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after acquiring an additional 1,048,596 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Gates Industrial during the 3rd quarter worth approximately $67,000. Finally, Covestor Ltd boosted its stake in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

NYSE:GTES opened at $19.71 on Monday. The stock has a market cap of $5.03 billion, a P/E ratio of 26.99 and a beta of 1.33. Gates Industrial has a one year low of $15.14 and a one year high of $23.85. The company has a fifty day moving average price of $20.94 and a 200 day moving average price of $19.96. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current year.

Gates Industrial Company Profile

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.