Gates Industrial (NYSE:GTES) Reaches New 12-Month High at $18.13

Gates Industrial Corp PLC (NYSE:GTES)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $18.13 and last traded at $17.71, with a volume of 77013 shares trading hands. The stock had previously closed at $17.73.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GTES shares. The Goldman Sachs Group lifted their price objective on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Citigroup boosted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Barclays decreased their price objective on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Tuesday, June 4th. Finally, Robert W. Baird lifted their target price on shares of Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.13.

Gates Industrial Stock Performance

The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 19.46 and a beta of 1.44. The stock’s 50-day moving average is $16.58 and its 200 day moving average is $16.01. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $862.60 million for the quarter, compared to analyst estimates of $866.00 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. As a group, analysts predict that Gates Industrial Corp PLC will post 1.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the transaction, the insider now directly owns 77,326 shares of the company’s stock, valued at approximately $1,262,733.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gates Industrial

A number of large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in shares of Gates Industrial by 28.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock valued at $165,069,000 after purchasing an additional 2,697,624 shares during the last quarter. Vanguard Group Inc. increased its position in Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after buying an additional 2,678,954 shares in the last quarter. Norges Bank purchased a new position in Gates Industrial during the fourth quarter worth $23,054,000. Fiduciary Management Inc. WI raised its holdings in shares of Gates Industrial by 31.6% in the fourth quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock worth $94,369,000 after acquiring an additional 1,689,991 shares during the last quarter. Finally, Confluence Investment Management LLC purchased a new stake in shares of Gates Industrial in the first quarter valued at $28,390,000. 98.50% of the stock is owned by institutional investors and hedge funds.

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.