Barclays analyst Julian Mitchell maintained a Hold rating on Gates Industrial (GTES) on March 20 and set a price target of $10.00. The company’s shares closed last Monday at $6.76, close to its 52-week low of $5.42.
According to TipRanks.com, Mitchell is a 5-star analyst with an average return of 4.5% and a 60.7% success rate. Mitchell covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Rockwell Automation.
Currently, the analyst consensus on Gates Industrial is a Moderate Buy with an average price target of $12.25, a 71.1% upside from current levels. In a report issued on March 11, RBC Capital also maintained a Hold rating on the stock with a $10.00 price target.
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Based on Gates Industrial’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $19.4 million. In comparison, last year the company had a net profit of $75.5 million.
Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GTES in relation to earlier this year.
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Gates Industrial Corp. Plc is a holding company, which engages in the manufacture of engineered power transmission and fluid solutions. It operates through the following segments: Power Transmission and Fluid Power.
