Gates Industrial (NYSE:GTES) Shares Gap Down to $17.62

Gates Industrial Corp PLC (NYSE:GTES - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $17.62, but opened at $16.55. Gates Industrial shares last traded at $17.28, with a volume of 1,023,742 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wolfe Research upgraded shares of Gates Industrial from a "peer perform" rating to an "outperform" rating and set a $20.00 target price on the stock in a report on Friday, March 8th. Jefferies Financial Group initiated coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They set a "buy" rating and a $21.00 target price 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 report on Thursday, February 22nd. Evercore ISI raised their price objective 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, The Goldman Sachs Group raised their price objective on Gates Industrial from $16.00 to $18.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 16th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.00.

Gates Industrial Price Performance

The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $4.29 billion, a P/E ratio of 19.14 and a beta of 1.57. The business has a 50 day simple moving average of $16.76 and a 200-day simple moving average of $13.96.

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, beating analysts' consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The business had revenue of $863.30 million for the quarter, compared to analysts' expectations of $892.40 million. Analysts predict that Gates Industrial Corp PLC will post 1.32 EPS for the current fiscal year.

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely acquired 10,000 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the purchase, the director now directly owns 56,664 shares in the company, valued at $750,231.36. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of Gates Industrial stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $12.04, for a total value of $292,284,244.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wilson S. Neely purchased 10,000 shares of the company'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 purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,030,492 shares of company stock worth $12,582,402 over the last ninety days. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Gates Industrial by 11.0% in the 4th quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company's stock worth $205,726,000 after purchasing an additional 1,519,041 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Gates Industrial by 19.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company's stock worth $261,235,000 after acquiring an additional 2,450,526 shares during the period. Dimensional Fund Advisors LP boosted its position in Gates Industrial by 14.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company's stock worth $130,285,000 after acquiring an additional 1,239,261 shares during the period. Cooke & Bieler LP boosted its position in Gates Industrial by 7.9% during the 4th quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company's stock worth $109,427,000 after acquiring an additional 594,559 shares during the period. Finally, American Century Companies Inc. boosted its position in Gates Industrial by 8.9% during the 3rd 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. Hedge funds and other 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.