Gates Industrial (NYSE:GTES) Reaches New 52-Week High at $17.82

Gates Industrial Corp PLC (NYSE:GTES - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $17.82 and last traded at $17.82, with a volume of 317596 shares traded. The stock had previously closed at $17.71.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They set a "buy" rating and a $21.00 price objective for the company. KeyCorp raised shares of Gates Industrial from a "sector weight" rating to an "overweight" rating and set a $18.00 target price for the company in a research note on Thursday, February 22nd. Wolfe Research raised shares of Gates Industrial from a "peer perform" rating to an "outperform" rating and set a $20.00 target price for the company in a research note on Friday, March 8th. TheStreet raised shares of Gates Industrial from a "c+" rating to a "b-" rating in a research note on Monday, January 8th. Finally, Evercore ISI raised their price objective on shares of Gates Industrial from $12.50 to $14.00 and gave the company an "in-line" rating in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $17.17.

Gates Industrial Stock Up 0.1 %

The company has a current ratio of 3.08, a quick ratio of 2.25 and a debt-to-equity ratio of 0.70. The company has a market cap of $4.69 billion, a price-to-earnings ratio of 20.93 and a beta of 1.57. The firm's fifty day simple moving average is $14.82 and its 200 day simple moving average is $13.03.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.10. The business had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. Sell-side analysts predict that Gates Industrial Corp PLC will post 1.32 earnings per share for the current year.

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely purchased 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, with a total value of $132,400.00. Following the purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Wilson S. Neely purchased 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, with a total value of $132,400.00. Following the purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the company's stock in a transaction 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 transaction, the insider now directly owns 107,324 shares in the company, valued at $1,292,180.96. The disclosure for this sale can be found here. Insiders acquired a total of 1,030,492 shares of company stock worth $12,582,402 in the last 90 days. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Gates Industrial

A number of large investors have recently added to or reduced their stakes in GTES. AQR Capital Management LLC grew its stake in Gates Industrial by 105.5% in the 3rd quarter. AQR Capital Management LLC now owns 7,044,308 shares of the company's stock valued at $81,784,000 after acquiring an additional 3,617,020 shares during 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. Norges Bank purchased a new position in Gates Industrial in the 4th quarter valued at about $23,054,000. First Trust Advisors LP purchased a new position in Gates Industrial in the 4th quarter valued at about $22,953,000. Finally, Fiduciary Management Inc. WI lifted its holdings in Gates Industrial by 31.6% in the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company's stock valued at $94,369,000 after purchasing an additional 1,689,991 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

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.