Gates Industrial (NYSE:GTES) Price Target Raised to $21.00 at Barclays

Gates Industrial (NYSE:GTES) had its target price lifted by Barclays from $16.00 to $21.00 in a report released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

GTES has been the topic of a number of other reports. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. KeyCorp raised their price target on Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. The Goldman Sachs Group lifted their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Evercore ISI upped their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Finally, Morgan Stanley initiated coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average target price of $20.30.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $21.27 on Tuesday. The business has a fifty day moving average of $18.02 and a 200-day moving average of $17.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial has a twelve month low of $11.14 and a twelve month high of $21.54. The firm has a market cap of $5.42 billion, a PE ratio of 25.63 and a beta of 1.38.

Gates Industrial announced that its board has approved a share repurchase plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction on Wednesday, August 21st. The shares were purchased at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now directly owns 6,000 shares in the company, valued at $100,800. This represents a -200.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Gates Industrial

Institutional investors and hedge funds have recently bought and sold shares of the stock. Foundry Partners LLC purchased a new position in Gates Industrial during the 3rd quarter valued at about $4,247,000. Jennison Associates LLC grew its stake in shares of Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after acquiring an additional 1,268,407 shares during the last quarter. Pathstone Holdings LLC increased its stake in Gates Industrial by 39.2% during the 3rd quarter. Pathstone Holdings LLC now owns 81,708 shares of the company’s stock valued at $1,434,000 after purchasing an additional 23,005 shares in the last quarter. Swiss National Bank increased its position in shares of Gates Industrial by 4.7% during the third quarter. Swiss National Bank now owns 408,200 shares of the company’s stock valued at $7,164,000 after acquiring an additional 18,500 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Gates Industrial by 21.0% during the third quarter. Thrivent Financial for Lutherans now owns 958,417 shares of the company’s stock valued at $16,820,000 after purchasing an additional 166,635 shares in the last quarter. 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.