Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $15.11 and last traded at $15.82, with a volume of 645285 shares traded. The stock had previously closed at $16.88.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on GTES. 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 research report on Friday, February 7th. Evercore ISI boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. The Goldman Sachs Group decreased their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Barclays reduced their target price on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating for the company in a report on Wednesday, March 26th. Finally, Citigroup dropped their target price on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.33.
View Our Latest Analysis on GTES
Gates Industrial Stock Performance
The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of 24.58 and a beta of 1.24. The firm has a 50-day moving average of $20.10 and a 200-day moving average of $20.12.
Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, sell-side analysts predict that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 2.30% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Gates Industrial
Several large investors have recently added to or reduced their stakes in GTES. GeoWealth Management LLC grew its holdings in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after acquiring an additional 789 shares in the last quarter. Assetmark Inc. raised its stake in 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 in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial in the fourth quarter valued at $43,000. Versant Capital Management Inc lifted its holdings in 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 buying an additional 1,598 shares during the last quarter. Finally, SRS Capital Advisors Inc. increased its holdings in shares of 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 last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.
Gates Industrial Company Profile
(
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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.
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