Analysts Set Gates Industrial Corporation PLC (NYSE:GTES) Target Price at $27.18

Gates Industrial Corporation PLC (NYSE:GTES) has earned an average recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $27.0909.

A number of brokerages have recently issued reports on GTES. Royal Bank Of Canada reduced their price objective on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday, October 30th. UBS Group cut their price target on Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company began coverage on Gates Industrial in a report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 price objective for the company. Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 20th. Finally, Citigroup decreased their price target on Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, October 30th.

Gates Industrial Stock Performance

NYSE GTES opened at $22.52 on Friday. The company has a market cap of $5.82 billion, a P/E ratio of 24.75 and a beta of 1.24. The company has a fifty day simple moving average of $21.99 and a 200 day simple moving average of $23.83. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. Gates Industrial has a 12-month low of $14.70 and a 12-month high of $26.46.

Insider Activity

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

Institutional Trading of Gates Industrial

Several hedge funds have recently added to or reduced their stakes in the stock. True Wealth Design LLC boosted its stake in Gates Industrial by 133.2% in the third 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. SJS Investment Consulting Inc. raised its holdings in shares of Gates Industrial by 5,123.7% in the 3rd 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 purchased a new position in Gates Industrial in the third quarter valued at approximately $51,000. Allworth Financial LP lifted its stake 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 during the last quarter. Finally, Avanza Fonder AB grew 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 valued at $61,000 after purchasing an additional 1,124 shares during the period. Institutional investors own 98.50% of the company’s stock.

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.