Gates Industrial (NYSE:GTES) Hits New 1-Year High at $17.99

Gates Industrial Corp PLC (NYSE:GTES) reached a new 52-week high during trading on Tuesday . The stock traded as high as $17.99 and last traded at $17.88, with a volume of 231187 shares changing hands. The stock had previously closed at $17.71.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GTES. The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Evercore ISI boosted their price objective on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Citigroup increased their target price on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Finally, KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 target price on the stock in a research note on Thursday, February 22nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Gates Industrial Stock Down 6.8 %

The stock has a market cap of $4.29 billion, a P/E ratio of 19.33 and a beta of 1.54. The firm has a 50 day simple moving average of $16.81 and a two-hundred day simple moving average of $13.97. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. The business had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. Equities research analysts predict that Gates Industrial Corp PLC will post 1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Ivo Jurek purchased 20,492 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was purchased at an average cost of $12.20 per share, with a total value of $250,002.40. Following the purchase, the chief executive officer now owns 626,088 shares in the company, valued at approximately $7,638,273.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $12.04, for a total value of $292,284,244.00. Following the transaction, the insider now owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ivo Jurek bought 20,492 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were acquired at an average cost of $12.20 per share, with a total value of $250,002.40. Following the completion of the purchase, the chief executive officer now owns 626,088 shares of the company’s stock, valued at $7,638,273.60. The disclosure for this purchase can be found here. Insiders have bought a total of 1,030,492 shares of company stock valued at $12,582,402 over the last quarter. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GTES. GAMMA Investing LLC acquired a new position in shares of Gates Industrial in the 4th quarter worth $27,000. Gladius Capital Management LP acquired a new position in shares of Gates Industrial in the 4th quarter valued at $48,000. Covestor Ltd increased its stake in Gates Industrial by 42.8% in the 3rd quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after purchasing an additional 1,454 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Gates Industrial during the 3rd quarter worth about $77,000. Finally, CWM LLC raised its holdings in Gates Industrial by 293.1% during the 3rd quarter. CWM LLC now owns 7,433 shares of the company’s stock worth $86,000 after buying an additional 5,542 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.