Analysts Set Gates Industrial Corporation PLC (NYSE:GTES) Price Target at $27.09

Gates Industrial Corporation PLC (NYSE:GTES) has earned a consensus recommendation of “Moderate Buy” from the twelve research firms that are currently covering the stock, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $27.0909.

Several equities research analysts have recently weighed in on GTES shares. Wells Fargo & Company assumed coverage on shares of Gates Industrial in a research report on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 target price for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, December 29th. Citigroup reaffirmed a “buy” rating on shares of Gates Industrial in a report on Monday, January 12th. JPMorgan Chase & Co. lowered their price target on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, December 16th. Finally, Wall Street Zen lowered Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th.

Insider Buying and Selling at Gates Industrial

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the transaction, the chief financial officer directly owned 177,627 shares in the company, valued at approximately $4,044,566.79. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

Large investors have recently bought and sold shares of the business. New York State Teachers Retirement System lifted its stake in Gates Industrial by 0.6% in the 4th quarter. New York State Teachers Retirement System now owns 85,748 shares of the company’s stock worth $1,841,000 after acquiring an additional 479 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of Gates Industrial by 1.0% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 52,700 shares of the company’s stock valued at $1,308,000 after purchasing an additional 500 shares during the period. Glenmede Investment Management LP lifted its position in shares of Gates Industrial by 0.9% in the third quarter. Glenmede Investment Management LP now owns 55,047 shares of the company’s stock worth $1,366,000 after purchasing an additional 514 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Gates Industrial by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 85,178 shares of the company’s stock worth $2,114,000 after purchasing an additional 543 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Gates Industrial by 4.3% during the third quarter. CIBC Asset Management Inc now owns 13,612 shares of the company’s stock worth $338,000 after purchasing an additional 565 shares during the period. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Up 7.8%

Shares of NYSE:GTES opened at $25.60 on Thursday. The firm has a market cap of $6.61 billion, a PE ratio of 28.14 and a beta of 1.27. The company has a fifty day simple moving average of $22.44 and a 200 day simple moving average of $23.74. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. Gates Industrial has a 12-month low of $14.70 and a 12-month high of $26.46.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.