Gates Industrial (NYSE:GTES) Downgraded to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Gates Industrial (NYSE:GTES) from a strong-buy rating to a buy rating in a research note released on Friday morning.

A number of other brokerages have also recently issued reports on GTES. Royal Bank Of Canada increased their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Zacks Research upgraded Gates Industrial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 20th. Barclays reiterated an “overweight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Citigroup increased their target price on Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $30.00 price objective (up from $26.00) on shares of Gates Industrial 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $28.18.

Gates Industrial Stock Up 1.7%

Shares of GTES stock opened at $24.89 on Friday. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66. The stock has a market cap of $6.41 billion, a P/E ratio of 31.90 and a beta of 1.25. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $26.42. The company has a 50 day simple moving average of $24.99 and a two-hundred day simple moving average of $22.10.

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

Institutional Investors Weigh In On Gates Industrial

Several large investors have recently added to or reduced their stakes in GTES. Public Employees Retirement System of Ohio boosted its position in Gates Industrial by 8.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 83,680 shares of the company’s stock valued at $1,721,000 after buying an additional 6,667 shares during the period. Jefferies Financial Group Inc. purchased a new stake in Gates Industrial during the fourth quarter valued at approximately $209,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Gates Industrial during the 4th quarter valued at $10,033,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Gates Industrial by 3.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,815 shares of the company’s stock valued at $819,000 after purchasing an additional 1,363 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Gates Industrial by 14.1% in the fourth quarter. California State Teachers Retirement System now owns 225,512 shares of the company’s stock worth $4,639,000 after buying an additional 27,898 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.