The Goldman Sachs Group Forecasts Strong Price Appreciation for Gates Industrial (NYSE:GTES) Stock

Gates Industrial (NYSE:GTES - Get Free Report) had its price target upped by investment analysts at The Goldman Sachs Group from $20.00 to $23.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. The Goldman Sachs Group's price target points to a potential upside of 8.70% from the company's current price.

A number of other equities analysts also recently weighed in on GTES. Royal Bank of Canada increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Evercore ISI increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. Citigroup cut their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, Barclays lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.89.

Gates Industrial Trading Down 1.0%

NYSE GTES traded down $0.22 during mid-day trading on Tuesday, reaching $21.16. 1,290,771 shares of the stock were exchanged, compared to its average volume of 2,890,226. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock has a market capitalization of $5.45 billion, a PE ratio of 28.99 and a beta of 1.23. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $23.85. The business's fifty day simple moving average is $19.11 and its 200 day simple moving average is $20.37.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The company had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Gates Industrial's revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 earnings per share. On average, research analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.70% of the company's stock.

Institutional Trading of Gates Industrial

Several large investors have recently modified their holdings of the company. HighPoint Advisor Group LLC boosted its holdings in shares of Gates Industrial by 3.2% during the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock worth $331,000 after buying an additional 452 shares during the period. EP Wealth Advisors LLC lifted its holdings in shares of Gates Industrial by 3.6% during the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock worth $298,000 after acquiring an additional 504 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after acquiring an additional 567 shares during the period. United Services Automobile Association lifted its holdings in Gates Industrial by 4.8% during the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company's stock valued at $289,000 after purchasing an additional 646 shares during the last quarter. Finally, Personal CFO Solutions LLC lifted its holdings in Gates Industrial by 6.4% during the 1st quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock valued at $206,000 after purchasing an additional 670 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

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.