Gates Industrial (NYSE:GTES) Price Target Raised to $40.00

Gates Industrial (NYSE:GTES) had its price target hoisted by Robert W. Baird from $39.00 to $40.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird‘s target price points to a potential upside of 68.10% from the company’s current price.

GTES has been the subject of several other research reports. Royal Bank Of Canada boosted their price objective on shares of Gates Industrial from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Citigroup increased their price objective on Gates Industrial from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. KeyCorp increased their price objective on Gates Industrial from $31.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. lifted their target price on Gates Industrial from $32.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Finally, Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 10th. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.36.

Gates Industrial Stock Down 0.1%

Shares of NYSE GTES opened at $23.80 on Monday. Gates Industrial has a 12-month low of $20.88 and a 12-month high of $30.34. The firm’s 50-day simple moving average is $26.05 and its 200 day simple moving average is $25.75. The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.57. The company has a market cap of $6.02 billion, a price-to-earnings ratio of 16.52 and a beta of 1.28.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Friday, October 30th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.03. Gates Industrial had a net margin of 10.37% and a return on equity of 10.42%. The firm had revenue of $903.60 million during the quarter, compared to analysts’ expectations of $904.77 million. During the same quarter last year, the company posted $0.39 EPS. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, research analysts expect that Gates Industrial will post 1.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Gates Industrial

In other news, Director Peifang Zhang sold 6,000 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $29.56, for a total value of $177,360.00. Following the completion of the transaction, the director owned 44,044 shares of the company’s stock, valued at $1,301,940.64. The trade was a 11.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Gates Industrial

A number of hedge funds have recently modified their holdings of the business. Chicago Partners Investment Group LLC increased its stake in Gates Industrial by 42.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 25,356 shares of the company’s stock worth $636,000 after purchasing an additional 7,583 shares in the last quarter. Covestor Ltd raised its holdings in Gates Industrial by 1,488.6% during the 3rd quarter. Covestor Ltd now owns 18,301 shares of the company’s stock worth $479,000 after buying an additional 17,149 shares during the period. Provenance Wealth Advisors LLC bought a new position in Gates Industrial in the third quarter valued at approximately $396,000. Choreo LLC lifted its stake in Gates Industrial by 14.0% in the third quarter. Choreo LLC now owns 22,835 shares of the company’s stock valued at $598,000 after buying an additional 2,796 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Gates Industrial by 114.3% in the third quarter. Signaturefd LLC now owns 10,961 shares of the company’s stock valued at $287,000 after buying an additional 5,847 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Company Profile

Gates Industrial Corporation plc (NYSE: GTES) is a manufacturer of engineered power transmission and fluid power products. The company develops solutions designed to transfer power, control motion, and manage the flow of fluids in industrial and mobile applications.

Its product portfolio includes synchronous and V-belts, belt drives, hoses, hydraulic assemblies, couplings, tensioners, pulleys, and related components. Gates serves original equipment manufacturers, distributors, and aftermarket customers across industries such as automotive, agriculture, construction, energy, manufacturing, and general industrial equipment.

The company traces its roots to the Gates Rubber Company, founded in 1911 in Denver, Colorado.