Gates Industrial Corp PLC (NYSE:GTES - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $17.99 and last traded at $17.88, with a volume of 231187 shares changing hands. The stock had previously closed at $17.71.
Wall Street Analyst Weigh In
Several equities analysts recently commented on the stock. Evercore ISI upped their price target on shares of Gates Industrial from $12.50 to $14.00 and gave the company an "in-line" rating in a report on Tuesday, February 20th. Wolfe Research upgraded shares of Gates Industrial from a "peer perform" rating to an "outperform" rating and set a $20.00 price target on the stock in a report on Friday, March 8th. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Tuesday, April 16th. KeyCorp upgraded shares of Gates Industrial from a "sector weight" rating to an "overweight" rating and set a $18.00 target price on the stock in a research note on Thursday, February 22nd. Finally, TheStreet upgraded shares of Gates Industrial from a "c+" rating to a "b-" rating in a research note on Monday, January 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Gates Industrial has an average rating of "Moderate Buy" and a consensus price target of $18.00.
View Our Latest Stock Analysis on GTES
Gates Industrial Price Performance
The firm's 50-day moving average price is $16.67 and its two-hundred day moving average price is $13.91. The stock has a market cap of $4.66 billion, a PE ratio of 20.82 and a beta of 1.57. The company has a current ratio of 3.08, a quick ratio of 2.25 and a debt-to-equity ratio of 0.70.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results 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. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The firm had revenue of $863.30 million during the quarter, compared to analysts' expectations of $892.40 million. On average, equities analysts expect that Gates Industrial Corp PLC will post 1.32 earnings per share for the current fiscal year.
Insider Transactions at Gates Industrial
In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now owns 107,324 shares of the company's stock, valued at $1,292,180.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now owns 107,324 shares of the company's stock, valued at $1,292,180.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average cost of $13.24 per share, with a total value of $132,400.00. Following the transaction, the director now directly owns 56,664 shares of the company's stock, valued at $750,231.36. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 1,030,492 shares of company stock valued at $12,582,402. Company insiders own 2.30% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in GTES. GAMMA Investing LLC acquired a new stake in shares of Gates Industrial in the fourth quarter worth $27,000. Gladius Capital Management LP acquired a new stake in shares of Gates Industrial in the fourth quarter worth $48,000. Covestor Ltd increased its stake in shares of 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 acquired a new stake in shares of Gates Industrial in the third quarter worth $77,000. Finally, TFO Wealth Partners LLC increased its stake in shares of Gates Industrial by 68,390.0% in the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company's stock worth $92,000 after acquiring an additional 6,839 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.
Gates Industrial Company Profile
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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.
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