Gates Industrial Corporation PLC (NYSE:GTES) Receives $23.56 Consensus PT from Brokerages

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have been given a consensus rating of “Moderate Buy” by the nine brokerages that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $24.44.

A number of research analysts have issued reports on GTES shares. KeyCorp upped 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. Morgan Stanley cut their price target on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Citigroup increased their price target on Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday. Royal Bank Of Canada increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group increased their price target on Gates Industrial from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 27th.

Gates Industrial Trading Down 0.9%

NYSE GTES opened at $24.40 on Friday. The business has a 50 day moving average price of $22.30 and a 200-day moving average price of $20.63. Gates Industrial has a 52 week low of $14.70 and a 52 week high of $24.95. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 29.76 and a beta of 1.22. The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same quarter in the prior year, the company posted $0.31 earnings per share. Gates Industrial’s revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts expect that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Large investors have recently bought and sold shares of the stock. GeoWealth Management LLC increased its stake in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. grew its position in shares of Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after buying an additional 1,514 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Gates Industrial in the 1st quarter worth approximately $34,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Gates Industrial in the 4th quarter worth approximately $43,000. Finally, MetLife Investment Management LLC grew its position in shares of Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after buying an additional 567 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.