Gates Industrial (NYSE:GTES) Releases Quarterly Earnings Results

Gates Industrial (NYSE:GTES) released its quarterly earnings results on Thursday. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33, Zacks reports. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%.

Gates Industrial Stock Up 0.5 %

Shares of GTES traded up $0.10 on Friday, reaching $22.28. The stock had a trading volume of 43,835 shares, compared to its average volume of 2,239,968. The company has a 50-day simple moving average of $21.00 and a 200-day simple moving average of $19.42. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of 30.47 and a beta of 1.37. Gates Industrial has a 12-month low of $13.17 and a 12-month 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.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GTES shares. Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Royal Bank of Canada raised their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. The Goldman Sachs Group raised their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Finally, KeyCorp raised their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $23.00.

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.