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

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Citigroup lifted their target price on Gates Industrial from $17.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, April 8th. 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. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a "neutral" rating in a report on Tuesday, April 16th. TheStreet raised shares of Gates Industrial from a "c+" rating to a "b-" rating in a report on Monday, January 8th. Finally, KeyCorp upgraded Gates Industrial from a "sector weight" rating to an "overweight" rating and set a $18.00 price target for the company in a report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

Gates Industrial Stock Up 0.7 %

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 business has a 50 day moving average of $16.33 and a 200 day moving average of $13.73. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 20.89 and a beta of 1.57.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.10. The business had revenue of $863.30 million during the quarter, compared to analysts' expectations of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. On average, equities analysts anticipate that Gates Industrial Corp PLC will post 1.32 EPS for the current year.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, CEO Ivo Jurek acquired 20,492 shares of the business's stock in a transaction dated Friday, February 16th. The shares were acquired at an average price of $12.20 per share, for a total transaction of $250,002.40. Following the acquisition, the chief executive officer now directly owns 626,088 shares of the company's stock, valued at approximately $7,638,273.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the company's stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the transaction, the insider now owns 107,324 shares in the company, valued at $1,292,180.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ivo Jurek acquired 20,492 shares of Gates Industrial stock in a transaction on Friday, February 16th. The stock was purchased at an average cost of $12.20 per share, with a total value of $250,002.40. Following the completion of the transaction, the chief executive officer now directly owns 626,088 shares in the company, valued at approximately $7,638,273.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 1,030,492 shares of company stock valued at $12,582,402. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GTES. Vanguard Group Inc. boosted its stake in Gates Industrial by 11.0% during the fourth quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company's stock valued at $205,726,000 after buying an additional 1,519,041 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Gates Industrial by 19.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company's stock valued at $261,235,000 after acquiring an additional 2,450,526 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Gates Industrial by 14.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company's stock worth $130,285,000 after purchasing an additional 1,239,261 shares in the last quarter. Cooke & Bieler LP boosted its stake in shares of Gates Industrial by 7.9% in the fourth quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company's stock valued at $109,427,000 after buying an additional 594,559 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in Gates Industrial by 8.9% during the third quarter. American Century Companies Inc. now owns 7,602,491 shares of the company's stock worth $88,265,000 after acquiring an additional 620,131 shares during the period. 98.50% of the stock is owned by institutional investors.

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.