Gates Industrial Corp PLC (NYSE:GTES) Receives $24.00 Average Price Target from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) have earned an average recommendation of "Moderate Buy" from the nine research firms that are currently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $24.00.

Several equities research analysts have recently issued reports on GTES shares. KeyCorp lowered their price objective on shares of Gates Industrial from $27.00 to $21.00 and set an "overweight" rating for the company in a research report on Tuesday. Royal Bank of Canada increased their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Barclays cut their price target on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating on the stock in a report on Wednesday, March 26th. Citigroup decreased their price objective on Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a report on Monday, January 13th. Finally, The Goldman Sachs Group cut their target price on Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the business's stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. The trade was a 46.71 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.30% of the company's stock.

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Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. GeoWealth Management LLC grew its holdings in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. lifted its position in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after buying an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial during the 4th quarter worth approximately $43,000. Versant Capital Management Inc increased its holdings in shares of Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock worth $51,000 after acquiring an additional 1,598 shares during the last quarter. Finally, SRS Capital Advisors Inc. raised its stake in Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after acquiring an additional 724 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Trading Up 2.9 %

NYSE:GTES traded up $0.46 on Friday, reaching $16.50. The company's stock had a trading volume of 747,642 shares, compared to its average volume of 2,751,824. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $23.85. The business's 50-day moving average price is $20.40 and its two-hundred day moving average price is $20.18. The firm has a market cap of $4.21 billion, a PE ratio of 22.65 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Equities research analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

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.