Insider Buying: Gates Industrial Corp PLC (NYSE:GTES) Director Buys 50,000 Shares of Stock

Gates Industrial Corp PLC (NYSE:GTES – Get Rating) Director Fredrik J. Eliasson bought 50,000 shares of the stock in a transaction on Thursday, May 25th. The shares were acquired at an average cost of $11.57 per share, with a total value of $578,500.00. Following the acquisition, the director now directly owns 71,130 shares in the company, valued at approximately $822,974.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Gates Industrial Stock Up 1.5 %

NYSE:GTES traded up $0.17 on Friday, hitting $11.70. 1,106,757 shares of the company’s stock were exchanged, compared to its average volume of 1,166,490. The firm has a 50-day moving average price of $13.16 and a 200-day moving average price of $12.71. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.19 and a quick ratio of 2.30. Gates Industrial Corp PLC has a 52 week low of $9.40 and a 52 week high of $14.93. The company has a market cap of $3.30 billion, a P/E ratio of 15.17 and a beta of 1.53.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GTES shares. Citigroup lifted their target price on shares of Gates Industrial from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 10th. Morgan Stanley lifted their target price on shares of Gates Industrial from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 10th. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $13.50 to $15.50 and gave the stock a “buy” rating in a research report on Friday, February 10th. Barclays lifted their price target on shares of Gates Industrial from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, February 10th. Finally, UBS Group lifted their price target on shares of Gates Industrial from $16.00 to $18.00 in a research report on Monday, May 8th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $15.45.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTES. Tower Research Capital LLC TRC increased its stake in shares of Gates Industrial by 207.3% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock worth $33,000 after purchasing an additional 1,588 shares during the last quarter. HBK Sorce Advisory LLC acquired a new position in shares of Gates Industrial during the 4th quarter worth about $40,000. Acadian Asset Management LLC acquired a new position in shares of Gates Industrial during the 1st quarter worth about $45,000. Quarry LP acquired a new position in shares of Gates Industrial during the 1st quarter worth about $51,000. Finally, Signaturefd LLC increased its stake in shares of Gates Industrial by 56.3% during the 4th quarter. Signaturefd LLC now owns 5,865 shares of the company’s stock worth $67,000 after purchasing an additional 2,112 shares during the last quarter.

About Gates Industrial

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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.