Gates Industrial (NYSE:GTES) Hits New 52-Week High at $17.86

Gates Industrial Corp PLC (NYSE:GTES) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $17.86 and last traded at $17.75, with a volume of 91667 shares. The stock had previously closed at $17.65.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GTES. Wolfe Research upgraded 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. Evercore ISI boosted their price objective on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. The Goldman Sachs Group raised their target price on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Jefferies Financial Group started coverage on Gates Industrial in a research report on Thursday, February 29th. They set a “buy” rating and a $21.00 price target on the stock. Finally, Citigroup raised their price objective on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Two investment 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 price target of $18.00.

Gates Industrial Trading Up 0.2 %

The stock has a 50 day moving average of $16.23 and a 200 day moving average of $13.69. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25. The firm has a market cap of $4.67 billion, a P/E ratio of 20.77 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. As a group, equities research analysts predict that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

Insiders Place Their Bets

In other Gates Industrial news, Director Wilson S. Neely acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was bought at an average price of $13.24 per share, with a total value of $132,400.00. Following the purchase, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Gates Industrial news, Director Wilson S. Neely purchased 10,000 shares of the stock in a transaction on Tuesday, February 20th. The stock was acquired 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 directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ivo Jurek acquired 20,492 shares of Gates Industrial stock in a transaction dated Friday, February 16th. The shares were bought at an average cost of $12.20 per share, for a total transaction of $250,002.40. Following the completion of the purchase, the chief executive officer now directly owns 626,088 shares of the company’s stock, valued at approximately $7,638,273.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,030,492 shares of company stock valued at $12,582,402. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Gates Industrial

Several hedge funds and other institutional investors have recently bought and sold shares of GTES. GAMMA Investing LLC bought a new stake in shares of Gates Industrial in the fourth quarter worth about $27,000. Gladius Capital Management LP bought a new position in shares of Gates Industrial during the fourth quarter valued at approximately $48,000. Covestor Ltd lifted its stake in Gates Industrial by 42.8% in the third quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after acquiring an additional 1,454 shares during the period. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Gates Industrial in the third quarter valued at $77,000. Finally, CWM LLC boosted its holdings in Gates Industrial by 293.1% in the third quarter. CWM LLC now owns 7,433 shares of the company’s stock valued at $86,000 after acquiring an additional 5,542 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

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.