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

Gates Industrial (NYSE:GTES) had its target price hoisted by The Goldman Sachs Group from $16.00 to $18.00 in a report issued on Tuesday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other equities research analysts have also recently commented on the company. Citigroup lifted their target price on Gates Industrial from $17.00 to $20.00 and gave the company a buy rating in a research note on Monday, April 8th. TheStreet raised Gates Industrial from a c+ rating to a b- rating in a research note on Monday, January 8th. Jefferies Financial Group initiated coverage on Gates Industrial in a report on Thursday, February 29th. They issued a buy rating and a $21.00 price objective for the company. Wolfe Research upgraded Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 price objective for the company in a report on Friday, March 8th. Finally, KeyCorp upgraded Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 price objective for the company in a report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $18.00.

Gates Industrial Trading Down 0.5 %

GTES stock opened at $17.18 on Tuesday. The business has a fifty day moving average price of $16.05 and a 200 day moving average price of $13.58. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 20.21 and a beta of 1.57. Gates Industrial has a fifty-two week low of $10.68 and a fifty-two week high of $17.86. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.27 by $0.10. The company had revenue of $863.30 million during the quarter, compared to analysts’ expectations of $892.40 million. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. Analysts expect that Gates Industrial will post 1.32 EPS for the current fiscal year.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely bought 10,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was purchased at an average cost of $13.24 per share, with a total value of $132,400.00. Following the completion of the purchase, the director now owns 56,664 shares in the company, valued at $750,231.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Gates Industrial news, Director Wilson S. Neely bought 10,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was purchased at an average cost of $13.24 per share, with a total value of $132,400.00. Following the completion of the purchase, the director now owns 56,664 shares in the company, valued at $750,231.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Neil P. Simpkins bought 1,000,000 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was acquired at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the completion of the purchase, the director now owns 1,000,000 shares of the company’s stock, valued at approximately $12,200,000. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 1,030,492 shares of company stock valued at $12,582,402. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Advisory Services Network LLC boosted its position in shares of Gates Industrial by 2.9% during the fourth quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after buying an additional 978 shares during the period. Natixis Advisors L.P. boosted its position in shares of Gates Industrial by 2.1% during the second quarter. Natixis Advisors L.P. now owns 47,443 shares of the company’s stock worth $640,000 after buying an additional 982 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Gates Industrial by 1.7% during the third quarter. Public Employees Retirement System of Ohio now owns 59,458 shares of the company’s stock worth $580,000 after buying an additional 1,010 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Gates Industrial by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 16,784 shares of the company’s stock worth $234,000 after buying an additional 1,060 shares during the period. Finally, Mariner LLC boosted its position in shares of Gates Industrial by 3.2% during the first quarter. Mariner LLC now owns 38,507 shares of the company’s stock worth $580,000 after buying an additional 1,212 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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.