Citigroup Raises Gates Industrial (NYSE:GTES) Price Target to $20.00

Gates Industrial (NYSE:GTES - Free Report) had its price target increased by Citigroup from $17.00 to $20.00 in a report published on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group assumed coverage on Gates Industrial in a research note on Thursday, February 29th. They set a buy rating and a $21.00 price target for the company. 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 research note on Thursday, February 22nd. TheStreet upgraded Gates Industrial from a c+ rating to a b- rating in a research note on Monday, January 8th. Evercore ISI boosted their target price on Gates Industrial from $12.50 to $14.00 and gave the stock an in-line rating in a research note on Tuesday, February 20th. Finally, Wolfe Research upgraded Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 target price on the stock in a research note on Friday, March 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $17.61.

Gates Industrial Trading Up 1.5 %

NYSE:GTES traded up $0.26 during trading hours on Monday, hitting $17.53. 2,511,770 shares of the company were exchanged, compared to its average volume of 2,996,347. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of 20.62 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 has a one year low of $10.68 and a one year high of $17.86. The company has a fifty day simple moving average of $15.36 and a 200 day simple moving average of $13.28.

Gates Industrial (NYSE:GTES - Get Free Report) last posted 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. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The firm had revenue of $863.30 million during the quarter, compared to analyst estimates of $892.40 million. Sell-side analysts expect that Gates Industrial will post 1.32 EPS for the current fiscal year.

Insider Activity

In related news, Director Wilson S. Neely bought 10,000 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the transaction, the director now owns 56,664 shares of the company's stock, valued at $750,231.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the insider now directly owns 107,324 shares of the company's stock, valued at $1,292,180.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Wilson S. Neely acquired 10,000 shares of the stock in a transaction dated 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 completion of the purchase, the director now owns 56,664 shares of the company's stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders bought 1,030,492 shares of company stock worth $12,582,402 in the last three months. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC bought a new position in shares of Gates Industrial during the fourth quarter valued at approximately $27,000. Tower Research Capital LLC TRC raised its position in shares of Gates Industrial by 207.3% during the 1st quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company's stock valued at $33,000 after purchasing an additional 1,588 shares during the period. Acadian Asset Management LLC purchased a new stake in Gates Industrial in the 1st quarter worth $45,000. Gladius Capital Management LP purchased a new stake in shares of Gates Industrial during the 4th quarter valued at about $48,000. Finally, Quarry LP bought a new position in Gates Industrial in the 1st quarter worth about $51,000. 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.