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

Gates Industrial Corp PLC (NYSE:GTES) has earned an average rating of “Moderate Buy” from the nine analysts that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $22.89.

Several equities analysts have commented on the company. Evercore ISI upped their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group reduced their price target on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Morgan Stanley decreased their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Barclays raised their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, May 12th. Finally, KeyCorp boosted their price objective on shares of Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, May 1st.

Gates Industrial Price Performance

Gates Industrial stock opened at $20.95 on Friday. The company has a market cap of $5.40 billion, a price-to-earnings ratio of 28.70 and a beta of 1.23. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The firm’s fifty day moving average is $18.96 and its 200 day moving average is $20.37.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. The business had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Sell-side analysts forecast that Gates Industrial will post 1.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction on Friday, March 7th. The stock was bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Gates Industrial

Hedge funds have recently made changes to their positions in the company. KBC Group NV raised its position in Gates Industrial by 2,487.4% in the fourth quarter. KBC Group NV now owns 146,086 shares of the company’s stock worth $3,005,000 after acquiring an additional 140,440 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Gates Industrial in the fourth quarter valued at about $529,000. PNC Financial Services Group Inc. grew its holdings in Gates Industrial by 69.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,185 shares of the company’s stock valued at $353,000 after buying an additional 7,036 shares during the last quarter. Bank of New York Mellon Corp increased its position in Gates Industrial by 101.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company’s stock worth $55,935,000 after purchasing an additional 1,366,431 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after buying an additional 567 shares in the last quarter. Institutional investors and hedge funds 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.