Gates Industrial Corp PLC (NYSE:GTES) Receives Consensus Rating of "Moderate Buy" from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) have earned an average recommendation of "Moderate Buy" from the ten ratings firms that are presently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $20.30.

GTES has been the topic of a number of research reports. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Royal Bank of Canada upgraded shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Evercore ISI raised their price objective on shares of 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 initiated coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an "equal weight" rating and a $19.00 target price for the company. Finally, Barclays lifted their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an "equal weight" rating in a report on Tuesday.

Gates Industrial Price Performance

NYSE GTES traded up $0.59 during trading hours on Tuesday, hitting $20.22. 7,548,748 shares of the company's stock traded hands, compared to its average volume of 3,073,471. The firm's 50-day moving average is $17.77 and its 200-day moving average is $17.16. Gates Industrial has a 52-week low of $11.11 and a 52-week high of $20.40. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The company has a market capitalization of $5.15 billion, a PE ratio of 24.25 and a beta of 1.38.

Gates Industrial announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 31st that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the acquisition, the director now owns 6,000 shares in the company, valued at $100,800. This trade represents a -200.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.30% of the company's stock.

Institutional Trading of Gates Industrial

A number of hedge funds have recently modified their holdings of GTES. Principal Financial Group Inc. bought a new position in shares of Gates Industrial during the 1st quarter worth approximately $248,000. Commonwealth Equity Services LLC acquired a new position in Gates Industrial in the first quarter valued at about $760,000. Janney Montgomery Scott LLC raised its stake in Gates Industrial by 17.2% in the first quarter. Janney Montgomery Scott LLC now owns 43,009 shares of the company's stock valued at $762,000 after purchasing an additional 6,321 shares in the last quarter. Jennison Associates LLC acquired a new position in Gates Industrial during the first quarter worth about $15,791,000. Finally, LSV Asset Management raised its stake in Gates Industrial by 22.9% during the first quarter. LSV Asset Management now owns 3,451,871 shares of the company's stock worth $61,133,000 after acquiring an additional 642,648 shares in the last quarter. 98.50% of the stock is currently 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.