Gates Industrial Corp PLC (NYSE:GTES) Given Average Recommendation of “Moderate Buy” by Analysts

Gates Industrial Corp PLC (NYSE:GTES) has received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $22.50.

A number of equities analysts have weighed in on the company. KeyCorp lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. The Goldman Sachs Group raised their target price on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Royal Bank of Canada raised their target price on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $21.00 to $25.00 in a research report on Thursday, December 5th. Finally, Jefferies Financial Group raised their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Gates Industrial Stock Performance

NYSE GTES opened at $20.49 on Friday. The stock has a 50-day simple moving average of $21.20 and a two-hundred day simple moving average of $18.82. The firm has a market capitalization of $5.22 billion, a P/E ratio of 24.68 and a beta of 1.38. Gates Industrial has a fifty-two week low of $12.40 and a fifty-two week high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Institutional Investors Weigh In On Gates Industrial

Institutional investors have recently bought and sold shares of the company. Venturi Wealth Management LLC boosted its holdings in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Gates Industrial by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after purchasing an additional 823 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares during the last quarter. Tectonic Advisors LLC boosted its holdings in shares of Gates Industrial by 5.5% during the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after purchasing an additional 1,043 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after purchasing an additional 1,130 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.