Gates Industrial (NYSE:GTES) Given New $26.00 Price Target at Robert W. Baird

Gates Industrial (NYSE:GTES) had its price target boosted by stock analysts at Robert W. Baird from $25.00 to $26.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 58.25% from the stock’s current price.

GTES has been the subject of several other research reports. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective for the company in a research report on Friday, March 8th. KeyCorp upgraded shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Thursday, February 22nd. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Citigroup raised their price objective on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus target price of $18.78.

Gates Industrial Trading Down 6.8 %

Shares of Gates Industrial stock opened at $16.43 on Thursday. The stock has a market capitalization of $4.29 billion, a P/E ratio of 19.33 and a beta of 1.54. 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 50-day simple moving average of $16.81 and a 200 day simple moving average of $13.97. Gates Industrial has a 12-month low of $10.68 and a 12-month high of $17.99.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. The business had revenue of $863.30 million during 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%. Research analysts expect that Gates Industrial will post 1.32 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the transaction, the insider now owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Ivo Jurek bought 20,492 shares of the company’s stock in a transaction on Friday, February 16th. The shares were purchased at an average cost of $12.20 per share, for a total transaction of $250,002.40. Following the acquisition, the chief executive officer now owns 626,088 shares of the company’s stock, valued at approximately $7,638,273.60. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 107,324 shares in the company, valued at approximately $1,292,180.96. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 1,030,492 shares of company stock valued at $12,582,402. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of Gates Industrial during the 3rd quarter worth approximately $115,000. Raymond James & Associates boosted its stake in shares of Gates Industrial by 16.2% during the 3rd quarter. Raymond James & Associates now owns 163,266 shares of the company’s stock worth $1,896,000 after acquiring an additional 22,730 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Gates Industrial by 76.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,163 shares of the company’s stock worth $365,000 after acquiring an additional 13,465 shares during the period. Strs Ohio boosted its stake in shares of Gates Industrial by 18.4% during the 3rd quarter. Strs Ohio now owns 161,840 shares of the company’s stock worth $1,878,000 after acquiring an additional 25,138 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Gates Industrial by 0.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,602,568 shares of the company’s stock worth $111,486,000 after acquiring an additional 47,587 shares during the period. 98.50% of the stock is currently owned by institutional investors.

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.