Gates Industrial (NYSE:GTES) Given New $22.00 Price Target at Robert W. Baird

Gates Industrial (NYSE:GTES) had its target price decreased by Robert W. Baird from $26.00 to $22.00 in a research report released on Thursday, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the stock. Citigroup lifted 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. Barclays decreased their price target on shares of Gates Industrial from $17.00 to $16.00 and set an equal weight rating for the company in a research note on Tuesday, June 4th. Finally, The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a neutral rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $19.00.

Gates Industrial Trading Down 4.3 %

Gates Industrial stock traded down $0.76 during midday trading on Thursday, hitting $16.98. 1,307,132 shares of the stock were exchanged, compared to its average volume of 3,138,931. Gates Industrial has a fifty-two week low of $10.68 and a fifty-two week high of $19.07. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of 19.49 and a beta of 1.44. The stock’s 50-day simple moving average is $16.60 and its 200 day simple moving average is $16.03. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.28%. The business had revenue of $862.60 million during the quarter, compared to analysts’ expectations of $866.00 million. On average, equities analysts anticipate that Gates Industrial will post 1.27 EPS for the current year.

Insider Activity at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the sale, the insider now owns 77,326 shares in the company, valued at approximately $1,262,733.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Trading of Gates Industrial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James & Associates increased its stake in Gates Industrial by 22.5% in the 4th quarter. Raymond James & Associates now owns 199,938 shares of the company’s stock valued at $2,683,000 after buying an additional 36,672 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in Gates Industrial by 9.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 382,800 shares of the company’s stock valued at $5,074,000 after purchasing an additional 32,900 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Gates Industrial by 28.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock valued at $165,069,000 after purchasing an additional 2,697,624 shares in the last quarter. Cerity Partners LLC purchased a new position in Gates Industrial in the 4th quarter valued at about $148,000. Finally, Cornercap Investment Counsel Inc. lifted its holdings in Gates Industrial by 3.1% in the 4th quarter. Cornercap Investment Counsel Inc. now owns 87,238 shares of the company’s stock valued at $1,171,000 after purchasing an additional 2,645 shares in the last quarter. Hedge funds and other 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.