Gates Industrial Corp PLC (NYSE:GTES) Receives $24.00 Consensus PT from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been given an average recommendation of “Moderate Buy” by the nine analysts that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $23.00.

A number of research analysts recently weighed in on GTES shares. Citigroup decreased 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. KeyCorp decreased their price objective on Gates Industrial from $27.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday. Royal Bank of Canada upped their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Barclays decreased their price target on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Evercore ISI upped their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th.

Insider Transactions at Gates Industrial

In related news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GTES. GeoWealth Management LLC increased its stake in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. lifted its holdings in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after buying an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Gates Industrial in the fourth quarter valued at about $43,000. Versant Capital Management Inc grew its stake in shares of Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its position in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the period. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Down 4.1 %

GTES stock opened at $17.20 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The stock has a market capitalization of $4.39 billion, a P/E ratio of 23.56 and a beta of 1.24. Gates Industrial has a fifty-two week low of $14.70 and a fifty-two week high of $23.85. The business has a 50-day moving average of $20.04 and a 200-day moving average of $20.12.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, sell-side analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current fiscal 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.