Evercore ISI Raises Gates Industrial (NYSE:GTES) Price Target to $16.00

Gates Industrial (NYSE:GTES) had its price objective increased by stock analysts at Evercore ISI from $15.00 to $16.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s price target suggests a potential downside of 8.57% from the stock’s current price.

Several other analysts also recently commented on GTES. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Barclays reduced their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a report on Monday. Finally, Robert W. Baird dropped their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.44.

Gates Industrial Stock Performance

Shares of GTES traded up $0.07 during mid-day trading on Monday, hitting $17.50. 406,767 shares of the company traded hands, compared to its average volume of 3,135,069. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $19.07. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of 19.23 and a beta of 1.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.15 and a current ratio of 3.11. The stock has a 50-day moving average price of $16.51 and a two-hundred day moving average price of $16.35.

Insider Buying and Selling

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of Gates Industrial stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the completion of the transaction, the insider now directly owns 77,326 shares of the company’s stock, valued at approximately $1,262,733.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Gates Industrial

Several large investors have recently added to or reduced their stakes in GTES. Vanguard Group Inc. boosted its position in 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 buying an additional 2,678,954 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Gates Industrial by 19.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock valued at $261,235,000 after purchasing an additional 2,450,526 shares in the last quarter. Norges Bank bought a new stake in shares of Gates Industrial in the 4th quarter valued at about $23,054,000. Fiduciary Management Inc. WI raised its holdings in shares of Gates Industrial by 31.6% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock valued at $94,369,000 after purchasing an additional 1,689,991 shares in the last quarter. Finally, Fred Alger Management LLC raised its holdings in shares of Gates Industrial by 156.8% in the 2nd 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. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.