Gates Industrial (NYSE:GTES) Reaches New 12-Month High – Should You Buy?

Gates Industrial Corporation PLC (NYSE:GTES)’s share price reached a new 52-week high on Friday . The stock traded as high as $26.50 and last traded at $26.40, with a volume of 1099 shares traded. The stock had previously closed at $25.93.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Industrial Alliance Securities set a $35.00 price objective on shares of Gates Industrial in a research report on Monday, August 25th. UBS Group lifted their price objective on Gates Industrial from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, July 31st. Zacks Research upgraded shares of Gates Industrial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 20th. Citigroup raised their price target on shares of Gates Industrial from $22.00 to $29.00 and gave the company a “buy” rating in a report on Monday, July 14th. Finally, Royal Bank Of Canada boosted their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.18.

Gates Industrial Stock Performance

The firm has a market capitalization of $6.68 billion, a PE ratio of 33.24 and a beta of 1.25. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The business’s fifty day simple moving average is $24.66 and its 200-day simple moving average is $21.64.

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

Hedge Funds Weigh In On Gates Industrial

Institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its holdings in shares of Gates Industrial by 5.0% during the 2nd quarter. Advisory Services Network LLC now owns 32,722 shares of the company’s stock worth $812,000 after acquiring an additional 1,551 shares in the last quarter. Public Sector Pension Investment Board lifted its position in Gates Industrial by 8.5% during the second quarter. Public Sector Pension Investment Board now owns 782,148 shares of the company’s stock valued at $18,013,000 after purchasing an additional 61,308 shares during the last quarter. Evergreen Capital Management LLC purchased a new position in shares of Gates Industrial in the 2nd quarter worth $272,000. Corient Private Wealth LLC grew its stake in shares of Gates Industrial by 7.0% in the 2nd quarter. Corient Private Wealth LLC now owns 176,665 shares of the company’s stock worth $4,069,000 after buying an additional 11,542 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its holdings in shares of Gates Industrial by 14.4% in the 2nd quarter. State of Tennessee Department of Treasury now owns 95,067 shares of the company’s stock worth $2,189,000 after buying an additional 11,979 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.