Gates Industrial (NYSE:GTES) Given New $26.00 Price Target at Robert W. Baird

Gates Industrial (NYSE:GTES) had its price target lifted by Robert W. Baird from $25.00 to $26.00 in a research note published on Thursday, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Other analysts also recently issued reports about the stock. KeyCorp raised shares of 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. Evercore ISI upped their price objective on Gates Industrial from $12.50 to $14.00 and gave the stock an in-line rating in a report on Tuesday, February 20th. Citigroup raised their price objective on Gates Industrial from $17.00 to $20.00 and gave the company a buy rating in a report on Monday, April 8th. TheStreet upgraded Gates Industrial from a c+ rating to a b- rating in a research report on Monday, January 8th. Finally, Wolfe Research raised shares of Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 target price on the stock in a report on Friday, March 8th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $18.78.

Gates Industrial Price Performance

NYSE GTES traded down $0.28 during trading on Thursday, reaching $16.18. The company’s stock had a trading volume of 2,814,546 shares, compared to its average volume of 2,214,203. The firm has a fifty day moving average of $16.88 and a 200 day moving average of $14.02. Gates Industrial has a one year low of $10.68 and a one year high of $17.99. The stock has a market capitalization of $4.23 billion, a PE ratio of 17.78 and a beta of 1.54. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.25.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.27 by $0.10. The company had revenue of $863.30 million during the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. Analysts expect that Gates Industrial will post 1.32 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Gates Industrial

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC purchased a new stake in shares of Gates Industrial in the 4th quarter worth approximately $27,000. Gladius Capital Management LP purchased a new stake in shares of Gates Industrial in the fourth quarter worth $48,000. Covestor Ltd increased its holdings in shares of Gates Industrial by 42.8% during the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock valued at $57,000 after acquiring an additional 1,454 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Gates Industrial in the 3rd quarter worth about $77,000. Finally, TFO Wealth Partners LLC raised its position in shares of Gates Industrial by 68,390.0% in the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after purchasing an additional 6,839 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

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.