Gates Industrial (NYSE:GTES) PT Raised to $18.00 at The Goldman Sachs Group

Gates Industrial (NYSE:GTES - Free Report) had its price target boosted by The Goldman Sachs Group from $16.00 to $18.00 in a report released on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other research analysts have also recently issued reports on the company. TheStreet raised Gates Industrial from a c+ rating to a b- rating in a research report on Monday, January 8th. KeyCorp raised Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 target price on the stock in a research report on Thursday, February 22nd. Wolfe Research raised Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 price objective on the stock in a research note on Friday, March 8th. Citigroup raised their price objective on Gates Industrial from $17.00 to $20.00 and gave the stock a buy rating in a research note on Monday, April 8th. Finally, Jefferies Financial Group began coverage on Gates Industrial in a research note on Thursday, February 29th. They issued a buy rating and a $21.00 price objective on the stock. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $18.00.

Gates Industrial Stock Performance

Shares of Gates Industrial stock traded up $0.04 during trading on Tuesday, hitting $17.34. 1,673,143 shares of the company's stock traded hands, compared to its average volume of 2,899,776. The stock has a market capitalization of $4.58 billion, a P/E ratio of 20.40 and a beta of 1.57. 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 simple moving average of $15.88 and a 200-day simple moving average of $13.52. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $17.86.

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 the consensus estimate of $0.27 by $0.10. The business had revenue of $863.30 million for the quarter, compared to analysts' expectations of $892.40 million. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. As a group, analysts forecast that Gates Industrial will post 1.32 EPS for the current year.

Insider Activity at Gates Industrial

In other Gates Industrial news, CEO Ivo Jurek bought 20,492 shares of the firm's stock in a transaction that occurred on Friday, February 16th. The shares were bought at an average price of $12.20 per share, with a total value of $250,002.40. Following the purchase, the chief executive officer now owns 626,088 shares of the company's stock, valued at $7,638,273.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction that occurred 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 sale, the insider now owns 107,324 shares of the company's stock, valued at approximately $1,292,180.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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, for a total transaction of $250,002.40. Following the purchase, the chief executive officer now owns 626,088 shares in the company, valued at $7,638,273.60. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 1,030,492 shares of company stock valued at $12,582,402. 2.30% of the stock is owned by company insiders.

Institutional Trading of Gates Industrial

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC bought a new stake in Gates Industrial in the 4th quarter worth approximately $27,000. Tower Research Capital LLC TRC boosted its holdings in shares of Gates Industrial by 207.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company's stock worth $33,000 after purchasing an additional 1,588 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Gates Industrial in the 1st quarter worth approximately $45,000. Gladius Capital Management LP purchased a new position in shares of Gates Industrial in the 4th quarter worth approximately $48,000. Finally, Quarry LP purchased a new position in shares of Gates Industrial in the 1st quarter worth approximately $51,000. Institutional investors own 98.50% of the company's stock.

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.