Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) reached a new 52-week high on Tuesday after Barclays raised their price target on the stock from $16.00 to $21.00. Barclays currently has an equal weight rating on the stock. Gates Industrial traded as high as $20.19 and last traded at $20.08, with a volume of 1194478 shares. The stock had previously closed at $19.63.
Other research analysts have also issued reports about the company. Morgan Stanley initiated coverage on Gates Industrial in a research note on Friday, September 6th. They issued an "equal weight" rating and a $19.00 target price for the company. KeyCorp lifted their target price on shares of Gates Industrial from $21.00 to $22.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Evercore ISI increased their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research report on Monday, August 19th. Robert W. Baird decreased their price objective on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st. Finally, The Goldman Sachs Group boosted their price target on Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.30.
Read Our Latest Stock Analysis on GTES
Insider Activity
In other news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The stock was bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the purchase, the director now owns 6,000 shares of the company's stock, valued at approximately $100,800. This represents a -200.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is owned by insiders.
Institutional Investors Weigh In On Gates Industrial
Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Gates Industrial by 17.5% in the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company's stock valued at $318,935,000 after buying an additional 2,678,954 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Gates Industrial by 2.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company's stock valued at $262,011,000 after purchasing an additional 303,353 shares during the period. Dimensional Fund Advisors LP increased its stake in Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company's stock valued at $188,477,000 after purchasing an additional 1,037,741 shares in the last quarter. LSV Asset Management raised its holdings in Gates Industrial by 19.9% in the second quarter. LSV Asset Management now owns 4,137,951 shares of the company's stock worth $65,421,000 after purchasing an additional 686,080 shares during the period. Finally, Fred Alger Management LLC boosted its position in shares of Gates Industrial by 156.8% during the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock worth $42,144,000 after purchasing an additional 1,627,482 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.
Gates Industrial Stock Up 3.1 %
The company has a market cap of $5.16 billion, a price-to-earnings ratio of 24.25 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm's fifty day moving average price is $17.77 and its 200-day moving average price is $17.16.
Gates Industrial announced that its board has approved a share buyback program on Wednesday, July 31st that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.
About Gates Industrial
(
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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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