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

Gates Industrial (NYSE:GTES - Free Report) had its price objective increased by Barclays from $16.00 to $21.00 in a report published on Tuesday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts have also commented on GTES. Evercore ISI boosted their price target on Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price objective on the stock. Robert W. Baird reduced their price objective on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. The Goldman Sachs Group boosted their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada raised 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 research note on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.30.

Gates Industrial Price Performance

GTES stock traded up $0.59 during trading on Tuesday, hitting $20.22. The company had a trading volume of 7,548,748 shares, compared to its average volume of 3,073,471. The company has a fifty day moving average price of $17.77 and a two-hundred day moving average price of $17.16. 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 company has a market cap of $5.15 billion, a P/E ratio of 24.25 and a beta of 1.38. Gates Industrial has a fifty-two week low of $11.11 and a fifty-two week high of $20.40.

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 buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Wilson S. Neely acquired 11,952 shares of Gates Industrial 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 completion of the transaction, the director now directly 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GTES. Vanguard Group Inc. boosted its position in Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company's stock valued at $318,935,000 after purchasing an additional 2,678,954 shares during the last quarter. Fred Alger Management LLC boosted its position in Gates Industrial by 156.8% during the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company's stock valued at $42,144,000 after purchasing an additional 1,627,482 shares during the last quarter. Principal Financial Group Inc. boosted its position in Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock valued at $18,670,000 after purchasing an additional 1,048,596 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Gates Industrial by 9.5% during 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 during the last quarter. Finally, Jennison Associates LLC acquired a new position in Gates Industrial during the first quarter valued at approximately $15,791,000. 98.50% of the stock is owned by institutional investors and hedge funds.

About Gates Industrial

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.