Gates Industrial Corp PLC (NYSE:GTES) Receives $19.80 Average PT from Brokerages

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $20.30.

GTES has been the topic of several analyst reports. Evercore ISI upped their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. KeyCorp boosted their price target on shares of Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Barclays increased their price target on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday.

Insider Activity

In other news, Director Wilson S. Neely purchased 11,952 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the acquisition, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. The trade was a -200.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of Gates Industrial

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Gates Industrial by 17.5% in the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after acquiring an additional 2,678,954 shares during the period. Fred Alger Management LLC increased its stake in Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock valued at $42,144,000 after purchasing an additional 1,627,482 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Gates Industrial by 6,879.6% in the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after purchasing an additional 1,048,596 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after purchasing an additional 1,037,741 shares in the last quarter. Finally, Jennison Associates LLC bought a new position in shares of Gates Industrial during the first quarter worth $15,791,000. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $21.26 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The business’s fifty day moving average price is $17.96 and its two-hundred day moving average price is $17.24. Gates Industrial has a fifty-two week low of $11.14 and a fifty-two week high of $21.54. The stock has a market capitalization of $5.42 billion, a price-to-earnings ratio of 25.61 and a beta of 1.38.

Gates Industrial announced that its board has approved a stock buyback plan on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

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.