Gates Industrial (NYSE:GTES) Reaches New 1-Year High After Analyst Upgrade

Gates Industrial Corporation PLC (NYSE:GTES) shares hit a new 52-week high during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $22.00 to $29.00. Citigroup currently has a buy rating on the stock. Gates Industrial traded as high as $24.95 and last traded at $24.77, with a volume of 194265 shares trading hands. The stock had previously closed at $24.61.

Several other research firms have also issued reports on GTES. Royal Bank Of Canada upped their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Morgan Stanley cut their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Thursday, May 1st. KeyCorp boosted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Wall Street Zen upgraded shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Barclays lifted their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and a consensus price target of $24.44.

Institutional Investors Weigh In On Gates Industrial

A number of institutional investors have recently made changes to their positions in the company. HighPoint Advisor Group LLC lifted its holdings in Gates Industrial by 3.2% during the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock worth $331,000 after purchasing an additional 452 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in Gates Industrial by 3.6% in the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company’s stock valued at $298,000 after buying an additional 504 shares in the last quarter. MetLife Investment Management LLC increased its position in Gates Industrial by 15.8% during 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 period. United Services Automobile Association lifted its holdings in shares of Gates Industrial by 4.8% during the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock worth $289,000 after buying an additional 646 shares in the last quarter. Finally, Personal CFO Solutions LLC boosted its position in shares of Gates Industrial by 6.4% in the first quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company’s stock valued at $206,000 after acquiring an additional 670 shares during the period. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70. The company’s 50 day moving average is $22.30 and its 200 day moving average is $20.63. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of 29.76 and a beta of 1.22.

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

About Gates Industrial

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.