Analysts Set Gates Industrial Corp PLC (NYSE:GTES) Target Price at $19.40

Gates Industrial Corp PLC (NYSE:GTES) has earned an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $19.40.

Several research firms have recently weighed in on GTES. 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 price objective on the stock. Barclays dropped their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Evercore ISI increased their price objective on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Finally, Robert W. Baird reduced their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st.

Insider Activity at Gates Industrial

In other news, Director Wilson S. Neely purchased 11,952 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now directly owns 6,000 shares in the company, valued at $100,800. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gates Industrial

Institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC raised its holdings in shares of Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after acquiring an additional 1,320 shares in the last quarter. TFO Wealth Partners LLC raised its holdings in Gates Industrial by 68,390.0% in the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after purchasing an additional 6,839 shares in the last quarter. Johnson Financial Group Inc. lifted its position in shares of Gates Industrial by 26.4% in the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after purchasing an additional 1,654 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Gates Industrial during the 2nd quarter valued at about $142,000. Finally, Levin Capital Strategies L.P. bought a new stake in shares of Gates Industrial during the 2nd quarter valued at about $158,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of GTES stock opened at $17.72 on Monday. The firm’s 50 day moving average is $17.24 and its 200 day moving average is $16.99. The stock has a market capitalization of $4.63 billion, a P/E ratio of 19.47 and a beta of 1.41. Gates Industrial has a 12 month low of $10.68 and a 12 month high of $19.07. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $885.50 million during the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. On average, sell-side analysts anticipate that Gates Industrial will post 1.24 earnings per share for the current year.

Gates Industrial declared that its Board of Directors has approved a stock repurchase program on Wednesday, July 31st that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase 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.