Gates Industrial (NYSE:GTES) Price Target Raised to $21.00 at Barclays

Gates Industrial (NYSE:GTES) had its price target hoisted by Barclays from $16.00 to $21.00 in a research note published on Tuesday, Benzinga reports. They currently have an equal weight rating on the stock.

GTES has been the subject of a number of other research reports. Robert W. Baird decreased their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Morgan Stanley initiated coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective on the stock. Evercore ISI raised their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Finally, KeyCorp upped their target price on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Gates Industrial Stock Up 3.0 %

NYSE:GTES opened at $20.22 on Tuesday. The company has a market cap of $5.15 billion, a price-to-earnings ratio of 24.36 and a beta of 1.38. Gates Industrial has a twelve month low of $11.11 and a twelve month high of $20.40. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The stock has a fifty day simple moving average of $17.82 and a 200-day simple moving average of $17.18.

Gates Industrial declared that its board has initiated a stock repurchase plan on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the acquisition, the director now owns 6,000 shares of the company’s stock, valued at approximately $100,800. This represents a -200.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Gates Industrial

Institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC purchased a new stake in Gates Industrial in the first quarter valued at about $760,000. Janney Montgomery Scott LLC raised its position 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 purchasing an additional 6,321 shares during the last quarter. Jennison Associates LLC acquired a new stake in Gates Industrial in the 1st quarter worth approximately $15,791,000. LSV Asset Management grew its position in Gates Industrial by 22.9% during the 1st quarter. LSV Asset Management now owns 3,451,871 shares of the company’s stock worth $61,133,000 after purchasing an additional 642,648 shares during the last quarter. Finally, Quantbot Technologies LP grew its position in Gates Industrial by 13.1% during the 1st quarter. Quantbot Technologies LP now owns 69,222 shares of the company’s stock worth $1,226,000 after purchasing an additional 8,042 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.