The Goldman Sachs Group Raises Gates Industrial (NYSE:GTES) Price Target to $18.00

Gates Industrial (NYSE:GTES) had its price target lifted by analysts at The Goldman Sachs Group from $16.00 to $18.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 4.17% from the company’s previous close.

GTES has been the topic of several other reports. KeyCorp raised shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a research note on Thursday, February 22nd. Wolfe Research raised 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 note on Friday, March 8th. Citigroup lifted their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Jefferies Financial Group began coverage on shares of Gates Industrial in a research note on Thursday, February 29th. They issued a “buy” rating and a $21.00 price target for the company. Finally, TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Gates Industrial Trading Down 0.1 %

Gates Industrial stock traded down $0.02 during trading hours on Tuesday, hitting $17.28. The company had a trading volume of 104,138 shares, compared to its average volume of 2,877,966. The firm has a market cap of $4.57 billion, a P/E ratio of 20.29 and a beta of 1.57. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $17.86. The company has a 50-day moving average price of $15.80 and a two-hundred day moving average price of $13.48.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. The business had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. On average, sell-side analysts anticipate that Gates Industrial will post 1.32 earnings per share for the current year.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 10,000 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the transaction, the director now owns 56,664 shares in the company, valued at $750,231.36. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the transaction, the insider now owns 107,324 shares in the company, valued at $1,292,180.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the purchase, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,030,492 shares of company stock valued at $12,582,402. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. GAMMA Investing LLC bought a new position in Gates Industrial in the fourth quarter valued at approximately $27,000. Tower Research Capital LLC TRC raised its holdings in Gates Industrial by 207.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock valued at $33,000 after acquiring an additional 1,588 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Gates Industrial in the 1st quarter valued at $45,000. Gladius Capital Management LP acquired a new position in shares of Gates Industrial during the 4th quarter worth $48,000. Finally, Quarry LP acquired a new position in shares of Gates Industrial during the 1st quarter worth $51,000. 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.