Shares of Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $19.07 and last traded at $18.77, with a volume of 217798 shares trading hands. The stock had previously closed at $18.26.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the company. Evercore ISI lifted their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. The Goldman Sachs Group upped their price target on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Morgan Stanley assumed coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an "equal weight" rating and a $19.00 target price on the stock. Robert W. Baird reduced their price target on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. Finally, Royal Bank of Canada upgraded shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $19.40.
Read Our Latest Stock Report on GTES
Gates Industrial Stock Performance
The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. The firm has a market cap of $5.04 billion, a P/E ratio of 21.38 and a beta of 1.40. The stock's 50 day moving average is $17.64 and its two-hundred day moving average is $17.10.
Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The company had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. As a group, equities analysts predict that Gates Industrial Corp PLC will post 1.23 EPS for the current year.
Gates Industrial announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.
Insider Activity at Gates Industrial
In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the business's stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the acquisition, the director now directly owns 6,000 shares of the company's stock, valued at $100,800. This represents a -200.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company's stock.
Hedge Funds Weigh In On Gates Industrial
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of Montreal Can grew its position in shares of Gates Industrial by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company's stock worth $535,000 after buying an additional 823 shares during the period. Tectonic Advisors LLC grew its holdings in Gates Industrial by 5.5% during the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company's stock valued at $353,000 after purchasing an additional 1,043 shares during the period. Fort L.P. increased its stake in Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company's stock valued at $253,000 after purchasing an additional 1,222 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Gates Industrial by 8.9% in the second quarter. Principal Financial Group Inc. now owns 15,242 shares of the company's stock worth $241,000 after purchasing an additional 1,250 shares during the period. Finally, Headlands Technologies LLC raised its holdings in Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after purchasing an additional 1,320 shares during the period. 98.50% of the stock is owned by institutional investors.
About Gates Industrial
(
Get Free Report)
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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