Gates Industrial (NYSE:GTES) Sets New 12-Month High at $17.99

Gates Industrial Corp PLC (NYSE:GTES) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $17.99 and last traded at $17.88, with a volume of 231187 shares changing hands. The stock had previously closed at $17.71.

Analysts Set New Price Targets

A number of analysts have commented on GTES shares. KeyCorp raised Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target for the company in a research report on Thursday, February 22nd. The Goldman Sachs Group upped their price objective on shares of Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Evercore ISI raised their target price on shares of Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. Citigroup boosted their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Gates Industrial Trading Down 0.1 %

The firm’s 50 day simple moving average is $16.67 and its 200-day simple moving average is $13.91. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $4.68 billion, a PE ratio of 20.84 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. As a group, equities research analysts anticipate that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

Insider Transactions at Gates Industrial

In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction on Friday, February 16th. The stock was sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the transaction, the insider now directly owns 107,324 shares in the company, valued at approximately $1,292,180.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Gates Industrial news, Director Neil P. Simpkins purchased 1,000,000 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were purchased at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the completion of the transaction, the director now owns 1,000,000 shares in the company, valued at approximately $12,200,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total value of $292,284,244.00. Following the sale, the insider now owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The disclosure for this sale can be found here. In the last three months, insiders purchased 1,030,492 shares of company stock valued at $12,582,402. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Gates Industrial

Large investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC grew its holdings in shares of Gates Industrial by 2.9% during the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock valued at $463,000 after acquiring an additional 978 shares in the last quarter. Covestor Ltd grew its stake in Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock valued at $57,000 after purchasing an additional 1,454 shares in the last quarter. Johnson Financial Group Inc. increased its position in Gates Industrial by 26.4% in the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after purchasing an additional 1,654 shares during the last quarter. Uncommon Cents Investing LLC increased its position in Gates Industrial by 11.4% in the 1st quarter. Uncommon Cents Investing LLC now owns 19,980 shares of the company’s stock worth $354,000 after purchasing an additional 2,045 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new stake in shares of Gates Industrial during the 4th quarter worth about $27,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Company Profile

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.