Gates Industrial (NYSE:GTES) Now Covered by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Gates Industrial (NYSE:GTES) in a research note released on Monday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $35.00 target price on the stock.

Several other equities research analysts also recently commented on the stock. Barclays restated an “overweight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Royal Bank Of Canada boosted their price target on shares of Gates Industrial from $28.00 to $29.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Citigroup raised their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, July 14th. Morgan Stanley reduced their target price on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Finally, KeyCorp restated an “overweight” rating and set a $30.00 price target (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $25.5950 on Monday. The firm has a market cap of $6.59 billion, a P/E ratio of 32.81 and a beta of 1.24. The firm’s 50-day simple moving average is $24.06 and its 200-day simple moving average is $21.44. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $25.96. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The company had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. During the same period in the previous year, the business earned $0.36 earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, research analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Several institutional investors have recently modified their holdings of GTES. SVB Wealth LLC acquired a new position in shares of Gates Industrial in the 1st quarter valued at approximately $34,000. Allworth Financial LP boosted its holdings in shares of Gates Industrial by 43.0% in the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Gates Industrial by 273.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock valued at $67,000 after buying an additional 2,131 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Gates Industrial by 1,976.9% during the second quarter. EverSource Wealth Advisors LLC now owns 2,970 shares of the company’s stock worth $68,000 after acquiring an additional 2,827 shares in the last quarter. Finally, Steph & Co. acquired a new stake in shares of Gates Industrial during the second quarter worth $70,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.