Gates Industrial Corp PLC (NYSE:GTES) has earned an average rating of “Buy” from the ten analysts that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $20.56.
Several equities analysts recently commented on the company. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their target price on Gates Industrial from $22.00 to $24.00 in a report on Tuesday. TheStreet raised Gates Industrial from a “d” rating to a “c” rating in a research report on Monday, January 25th. Credit Suisse Group upped their price target on Gates Industrial from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Tuesday. Citigroup raised their price objective on shares of Gates Industrial from $22.00 to $24.00 in a report on Tuesday. Finally, Barclays upped their target price on shares of Gates Industrial from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Tuesday, April 6th.
Shares of GTES stock traded up $0.44 during trading hours on Monday, reaching $17.85. 752,796 shares of the stock were exchanged, compared to its average volume of 743,584. The business’s fifty day moving average is $16.94 and its two-hundred day moving average is $14.89. The firm has a market capitalization of $5.18 billion, a P/E ratio of 71.40 and a beta of 1.87. Gates Industrial has a 12-month low of $8.43 and a 12-month high of $18.35. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.13 and a quick ratio of 2.39.
In related news, major shareholder Aggregator (Cayman) L.P. Omaha sold 25,300,000 shares of the stock in a transaction on Tuesday, March 2nd. The shares were sold at an average price of $14.40, for a total transaction of $364,320,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.76% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Private Capital Group LLC purchased a new position in Gates Industrial in the first quarter worth $27,000. Sowell Financial Services LLC acquired a new stake in shares of Gates Industrial in the first quarter valued at about $86,000. Panagora Asset Management Inc. purchased a new stake in Gates Industrial during the first quarter worth about $120,000. People s United Financial Inc. boosted its holdings in Gates Industrial by 7.4% during the fourth quarter. People s United Financial Inc. now owns 12,399 shares of the company’s stock worth $158,000 after buying an additional 859 shares in the last quarter. Finally, MML Investors Services LLC acquired a new position in Gates Industrial during the first quarter worth about $177,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.
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.
Featured Article: Market Capitalization
Receive News & Ratings for Gates Industrial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gates Industrial and related companies with MarketBeat.com's FREE daily email newsletter.