Gates Industrial (NYSE:GTES) Given New $26.00 Price Target at Robert W. Baird

Gates Industrial (NYSE:GTES) had its price objective raised by equities research analysts at Robert W. Baird from $25.00 to $26.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price target would indicate a potential upside of 58.25% from the stock’s previous close.

A number of other equities analysts also recently weighed in on GTES. Jefferies Financial Group began coverage on shares of Gates Industrial in a research note on Thursday, February 29th. They set a “buy” rating and a $21.00 price target on the stock. Citigroup increased their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. KeyCorp raised shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a research note on Thursday, February 22nd. Evercore ISI increased their price target on shares of 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, TheStreet raised shares of Gates Industrial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.78.

Gates Industrial Stock Performance

Shares of GTES opened at $16.43 on Thursday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08. The company has a market capitalization of $4.29 billion, a price-to-earnings ratio of 19.33 and a beta of 1.54. The company’s 50 day simple moving average is $16.81 and its 200 day simple moving average is $13.97. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $17.99.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.10. The business had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. On average, sell-side analysts predict that Gates Industrial will post 1.32 EPS for the current year.

Insider Activity at Gates Industrial

In other news, Director Wilson S. Neely purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average cost of $13.24 per share, with a total value of $132,400.00. Following the acquisition, the director now 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 the SEC website. In related news, Director Wilson S. Neely acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average cost of $13.24 per share, with a total value of $132,400.00. Following the acquisition, the director now directly owns 56,664 shares in the company, valued at $750,231.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 107,324 shares of the company’s stock, valued at $1,292,180.96. The disclosure for this sale can be found here. In the last three months, 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 hedge funds have recently added to or reduced their stakes in GTES. Capstone Investment Advisors LLC boosted its holdings in shares of Gates Industrial by 365.8% in the 1st quarter. Capstone Investment Advisors LLC now owns 115,596 shares of the company’s stock valued at $2,047,000 after buying an additional 90,781 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Gates Industrial by 17.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 43,009 shares of the company’s stock valued at $762,000 after buying an additional 6,321 shares during the period. Commonwealth Equity Services LLC acquired a new position in shares of Gates Industrial in the 1st quarter valued at about $760,000. Principal Financial Group Inc. acquired a new position in shares of Gates Industrial in the 1st quarter valued at about $248,000. Finally, Raymond James & Associates boosted its holdings in shares of Gates Industrial by 54.8% in the 1st quarter. Raymond James & Associates now owns 309,602 shares of the company’s stock valued at $5,483,000 after buying an additional 109,664 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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.