Gates Industrial (NYSE:GTES) Reaches New 1-Year High at $17.99

Gates Industrial Corp PLC (NYSE:GTES) shares reached 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 traded. The stock had previously closed at $17.71.

Analyst Ratings Changes

GTES has been the subject of several analyst reports. Evercore ISI increased their price target on shares of Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price for the company in a research note on Friday, March 8th. Citigroup boosted their price objective on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, April 8th. KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 target price for the company in a research note on Thursday, February 22nd. Finally, TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.00.

Gates Industrial Trading Down 0.1 %

The business has a fifty day moving average price of $16.67 and a two-hundred day moving average price of $13.91. The company has a current ratio of 3.08, a quick ratio of 2.25 and a debt-to-equity ratio of 0.70. The firm 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 released its quarterly earnings results on Thursday, February 8th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.27 by $0.10. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The business had revenue of $863.30 million during the quarter, compared to analyst estimates of $892.40 million. Analysts expect that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Neil P. Simpkins acquired 1,000,000 shares of the stock in a transaction on Friday, February 16th. The shares were bought at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the transaction, the director now owns 1,000,000 shares of the company’s stock, valued at approximately $12,200,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Neil P. Simpkins acquired 1,000,000 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were purchased at an average cost of $12.20 per share, for a total transaction of $12,200,000.00. Following the transaction, the director now directly owns 1,000,000 shares in the company, valued at approximately $12,200,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wilson S. Neely purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average cost of $13.24 per share, with a total value of $132,400.00. Following the completion of the acquisition, the director now directly owns 56,664 shares of the company’s stock, valued at $750,231.36. The disclosure for this purchase can be found here. Insiders acquired 1,030,492 shares of company stock valued at $12,582,402 over the last three months. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC purchased a new stake in Gates Industrial during the fourth quarter worth $27,000. Gladius Capital Management LP purchased a new position in Gates Industrial during the 4th quarter valued at about $48,000. Covestor Ltd lifted its holdings in shares of 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. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Gates Industrial in the third quarter valued at approximately $77,000. Finally, TFO Wealth Partners LLC increased its position in Gates Industrial by 68,390.0% during the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after buying an additional 6,839 shares in the last quarter. 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.