Gates Industrial (NYSE:GTES) Price Target Increased to $18.00 by Analysts at The Goldman Sachs Group

Gates Industrial (NYSE:GTES) had its price objective increased by equities research analysts at The Goldman Sachs Group from $16.00 to $18.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 4.23% from the company’s current price.

A number of other analysts have also weighed in on the stock. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. KeyCorp upgraded shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a research report on Thursday, February 22nd. Evercore ISI raised their price target on shares of Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research report on Friday, March 8th. Finally, Citigroup raised their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Gates Industrial Stock Down 0.4 %

NYSE:GTES opened at $17.27 on Tuesday. The firm has a market capitalization of $4.56 billion, a P/E ratio of 20.32 and a beta of 1.57. Gates Industrial has a 1-year low of $10.68 and a 1-year high of $17.86. The company’s fifty day moving average price is $15.96 and its 200-day moving average price is $13.55. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. As a group, equities research analysts anticipate that Gates Industrial will post 1.32 EPS for the current year.

Insider Activity

In related news, CEO Ivo Jurek bought 20,492 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were acquired at an average price of $12.20 per share, for a total transaction of $250,002.40. Following the completion of the transaction, the chief executive officer now directly owns 626,088 shares in the company, valued at $7,638,273.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction dated 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 directly owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ivo Jurek purchased 20,492 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was acquired at an average cost of $12.20 per share, for a total transaction 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 approximately $7,638,273.60. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,030,492 shares of company stock worth $12,582,402 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC purchased a new position in shares of Gates Industrial in the fourth quarter worth about $27,000. Tower Research Capital LLC TRC lifted its stake in shares of Gates Industrial by 207.3% in the first quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock worth $33,000 after buying an additional 1,588 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Gates Industrial in the first quarter worth about $45,000. Gladius Capital Management LP purchased a new position in shares of Gates Industrial in the fourth quarter worth about $48,000. Finally, Quarry LP purchased a new position in shares of Gates Industrial in the first quarter worth about $51,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.