Gates Industrial (NYSE:GTES) PT Raised to $18.00 at The Goldman Sachs Group

Gates Industrial (NYSE:GTES) had its price objective lifted by The Goldman Sachs Group from $16.00 to $18.00 in a research report report published on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other research analysts have also weighed in on GTES. Citigroup lifted their price objective on Gates Industrial from $17.00 to $20.00 and gave the stock a buy rating in a research report on Monday, April 8th. TheStreet raised Gates Industrial from a c+ rating to a b- rating in a research report on Monday, January 8th. Wolfe Research raised Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 price objective for the company in a research report on Friday, March 8th. Evercore ISI lifted their price objective on Gates Industrial from $12.50 to $14.00 and gave the stock an in-line rating in a research report on Tuesday, February 20th. Finally, KeyCorp raised Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 price objective for the company in a research report on Thursday, February 22nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $18.00.

Gates Industrial Stock Down 0.5 %

Shares of NYSE:GTES opened at $17.18 on Tuesday. The firm has a market cap of $4.54 billion, a P/E ratio of 20.21 and a beta of 1.57. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. Gates Industrial has a 12-month low of $10.68 and a 12-month high of $17.86. The business has a fifty day simple moving average of $16.05 and a 200 day simple moving average of $13.58.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.10. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The business had revenue of $863.30 million during the quarter, compared to analyst estimates of $892.40 million. Analysts predict that Gates Industrial will post 1.32 earnings per share for the current year.

Insider Activity at Gates Industrial

In other news, CEO Ivo Jurek bought 20,492 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average cost of $12.20 per share, with a total value of $250,002.40. Following the transaction, the chief executive officer now directly owns 626,088 shares of the company’s stock, valued at approximately $7,638,273.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Ivo Jurek bought 20,492 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were bought at an average price of $12.20 per share, with a total value of $250,002.40. Following the completion of the transaction, the chief executive officer now directly owns 626,088 shares in the company, valued at $7,638,273.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the transaction, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The disclosure for this purchase can be found here. Insiders bought 1,030,492 shares of company stock valued at $12,582,402 in the last three months. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC boosted its position in shares of Gates Industrial by 796.0% during the fourth quarter. SG Americas Securities LLC now owns 88,480 shares of the company’s stock valued at $1,187,000 after buying an additional 78,605 shares during the last quarter. Auxier Asset Management boosted its position in Gates Industrial by 10.8% in the third quarter. Auxier Asset Management now owns 174,349 shares of the company’s stock worth $2,024,000 after purchasing an additional 17,000 shares during the last quarter. Pacer Advisors Inc. boosted its position in Gates Industrial by 20.9% in the fourth quarter. Pacer Advisors Inc. now owns 3,613,276 shares of the company’s stock worth $48,490,000 after purchasing an additional 624,517 shares during the last quarter. American Century Companies Inc. boosted its position in Gates Industrial by 8.9% in the third quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock worth $88,265,000 after purchasing an additional 620,131 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in 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 worth $165,069,000 after purchasing an additional 2,697,624 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.