Gates Industrial Corp PLC (NYSE:GTES) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTESGet Free Report) have received a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $19.13.

Several equities analysts recently weighed in on the company. Citigroup lifted their price target on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. The Goldman Sachs Group upped their target price on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Barclays dropped their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday. KeyCorp raised shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price objective on the stock in a report on Thursday, February 22nd. Finally, Jefferies Financial Group started coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 target price on the stock.

Check Out Our Latest Research Report on GTES

Gates Industrial Price Performance

Shares of NYSE GTES opened at $16.47 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of 18.10 and a beta of 1.43. The firm’s 50 day simple moving average is $17.22 and its 200-day simple moving average is $15.00. Gates Industrial has a 12 month low of $10.68 and a 12 month high of $17.99.

Gates Industrial (NYSE:GTESGet Free Report) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $862.60 million for the quarter, compared to analyst estimates of $866.00 million. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. Analysts expect that Gates Industrial will post 1.32 EPS for the current year.

Insider Buying and Selling

In other Gates Industrial news, major shareholder Blackstone Inc. sold 20,125,000 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the sale, the insider now owns 77,326 shares in the company, valued at approximately $1,262,733.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Gates Industrial

A number of hedge funds and other institutional investors have recently modified their holdings of GTES. GAMMA Investing LLC purchased a new stake in shares of Gates Industrial in the fourth quarter valued at about $27,000. Gladius Capital Management LP purchased a new stake in shares of Gates Industrial in the 4th quarter valued at approximately $48,000. Covestor Ltd increased its holdings in shares of Gates Industrial by 42.8% during the 3rd quarter. Covestor Ltd now owns 4,852 shares of the company’s stock worth $57,000 after buying an additional 1,454 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Gates Industrial during the 3rd quarter valued at approximately $77,000. Finally, TFO Wealth Partners LLC lifted its holdings in Gates Industrial by 68,390.0% in the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after acquiring an additional 6,839 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Company Profile

(Get Free Report

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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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