Gates Industrial Corporation PLC (NYSE:GTES) Receives $27.09 Consensus Price Target from Analysts

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have earned a consensus rating of “Moderate Buy” from the twelve brokerages that are covering the firm, MarketBeat Ratings reports. Six 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 target among brokers that have covered the stock in the last year is $27.0909.

GTES has been the topic of a number of recent research reports. Wells Fargo & Company started coverage on Gates Industrial in a research report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 price objective on the stock. Royal Bank Of Canada cut their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Zacks Research lowered Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. cut their target price on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 16th.

Insider Activity at Gates Industrial

In other news, CFO Lawrence B. Mallard sold 22,188 shares of Gates Industrial stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the sale, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at approximately $4,044,566.79. The trade was a 11.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of Gates Industrial

A number of institutional investors have recently bought and sold shares of the business. True Wealth Design LLC increased its holdings in shares of Gates Industrial by 133.2% in the 3rd quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after acquiring an additional 666 shares during the last quarter. Allworth Financial LP boosted its holdings in Gates Industrial by 43.0% in the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after purchasing an additional 630 shares in the last quarter. SJS Investment Consulting Inc. increased its stake in Gates Industrial by 5,123.7% in the third quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after purchasing an additional 1,947 shares during the last quarter. Quent Capital LLC acquired a new stake in Gates Industrial during the third quarter worth approximately $51,000. Finally, Avanza Fonder AB raised its holdings in Gates Industrial by 85.3% during the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock worth $61,000 after purchasing an additional 1,124 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Trading Down 2.0%

Shares of GTES stock opened at $23.01 on Thursday. Gates Industrial has a fifty-two week low of $14.70 and a fifty-two week high of $26.46. The company has a 50 day moving average price of $22.33 and a 200 day moving average price of $23.75. The stock has a market capitalization of $5.94 billion, a P/E ratio of 25.29 and a beta of 1.24. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.