Gates Industrial (NYSE:GTES) Given New $23.00 Price Target at Barclays

Gates Industrial (NYSE:GTES) had its price objective boosted by analysts at Barclays from $22.00 to $23.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 5.46% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. KeyCorp increased their price objective on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Citigroup dropped their target price on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Evercore ISI raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group cut their target price on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Finally, Morgan Stanley decreased their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.89.

Gates Industrial Stock Performance

Shares of GTES traded up $1.08 during midday trading on Monday, reaching $21.81. The stock had a trading volume of 470,337 shares, compared to its average volume of 2,963,519. Gates Industrial has a one year low of $14.70 and a one year high of $23.85. The firm has a 50 day simple moving average of $18.51 and a 200-day simple moving average of $20.21. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The firm has a market cap of $5.62 billion, a PE ratio of 30.01 and a beta of 1.23.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million during the quarter, compared to analysts’ expectations of $823.56 million. During the same period in the previous year, the company posted $0.31 earnings per share. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Gates Industrial will post 1.36 EPS for the current year.

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently modified their holdings of GTES. FMR LLC increased its position in Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Gates Industrial by 4.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock worth $317,461,000 after buying an additional 616,687 shares during the last quarter. Invesco Ltd. boosted its holdings in Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock worth $152,354,000 after buying an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI boosted its stake in shares of Gates Industrial by 0.3% during the 4th quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock worth $148,615,000 after acquiring an additional 21,191 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Gates Industrial by 30.5% in the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock valued at $127,386,000 after purchasing an additional 1,618,598 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

About Gates Industrial

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.