Gates Industrial Corporation PLC (NYSE:GTES) Receives $27.09 Consensus Price Target from Analysts

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have received a consensus recommendation of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat reports. Six analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $27.0909.

A number of research analysts have recently weighed in on GTES shares. JPMorgan Chase & Co. lowered their price objective on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 16th. Citigroup reiterated a “buy” rating on shares of Gates Industrial in a research report on Monday, January 12th. Wells Fargo & Company began coverage on Gates Industrial in a research note on Thursday, November 13th. They set an “equal weight” rating and a $23.00 target price on the stock. Royal Bank Of Canada dropped their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, December 29th.

Gates Industrial Price Performance

NYSE GTES opened at $23.73 on Thursday. The business’s fifty day moving average is $22.36 and its 200 day moving average is $23.73. Gates Industrial has a fifty-two week low of $14.70 and a fifty-two week high of $26.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52. The company has a market capitalization of $6.13 billion, a PE ratio of 26.07 and a beta of 1.27.

Insider Transactions at Gates Industrial

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the sale, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Gates Industrial

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Gates Industrial by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock valued at $664,019,000 after buying an additional 1,281,339 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Gates Industrial by 5.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 14,169,457 shares of the company’s stock valued at $312,578,000 after purchasing an additional 717,353 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Gates Industrial by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 10,850,516 shares of the company’s stock worth $269,308,000 after purchasing an additional 28,760 shares during the period. Invesco Ltd. boosted its stake in shares of Gates Industrial by 3.0% during the third quarter. Invesco Ltd. now owns 7,861,494 shares of the company’s stock valued at $195,122,000 after purchasing an additional 226,075 shares in the last quarter. Finally, State Street Corp increased its holdings in Gates Industrial by 2.4% during the second quarter. State Street Corp now owns 7,346,884 shares of the company’s stock valued at $169,199,000 after buying an additional 170,597 shares during the period. Institutional investors own 98.50% of the company’s stock.

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.