Gates Industrial (NYSE:GTES) Sets New 12-Month High – Still a Buy?

Gates Industrial Corporation PLC (NYSE:GTES) hit a new 52-week high during trading on Friday . The company traded as high as $26.74 and last traded at $26.6140, with a volume of 583278 shares trading hands. The stock had previously closed at $25.68.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Citigroup reiterated a “buy” rating on shares of Gates Industrial in a report on Monday, January 12th. Wells Fargo & Company began coverage on shares of 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. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, December 29th. JPMorgan Chase & Co. cut their price target on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, December 16th. Finally, Wall Street Zen lowered shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 10th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.09.

Gates Industrial Stock Up 4.5%

The stock has a market cap of $6.93 billion, a P/E ratio of 29.59 and a beta of 1.27. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average is $22.51 and its 200 day moving average is $23.75.

Insiders Place Their Bets

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the sale, the chief financial officer owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Gates Industrial

A number of institutional investors have recently added to or reduced their stakes in GTES. True Wealth Design LLC lifted its position 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 worth $29,000 after acquiring an additional 666 shares during the period. Allworth Financial LP raised its stake in shares of 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. lifted its position 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 worth $49,000 after purchasing an additional 1,947 shares during the period. Quent Capital LLC bought a new position in Gates Industrial in the third quarter worth $51,000. Finally, Avanza Fonder AB boosted its stake 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 buying an additional 1,124 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Company Profile

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.