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

Gates Industrial Corporation PLC (NYSE:GTES) has received a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $23.22.

A number of research analysts recently issued reports on the company. KeyCorp boosted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Barclays lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, May 12th. Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Wall Street Zen upgraded shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Morgan Stanley lowered their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st.

Institutional Trading of Gates Industrial

A number of hedge funds and other institutional investors have recently modified their holdings of GTES. GeoWealth Management LLC lifted its holdings in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. raised its stake in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of Gates Industrial in the first quarter valued at $34,000. Aster Capital Management DIFC Ltd purchased a new position in Gates Industrial in the fourth quarter valued at $43,000. Finally, SRS Capital Advisors Inc. grew its stake in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $21.74 on Wednesday. The company’s fifty day moving average price is $20.10 and its 200-day moving average price is $20.39. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 26.51 and a beta of 1.21. Gates Industrial has a one year low of $14.70 and a one year high of $23.85.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 EPS. On average, equities research analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

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.