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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have received an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $24.33.

A number of analysts recently issued reports on the company. KeyCorp boosted their price target on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Barclays boosted their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Citigroup lowered their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Royal Bank of Canada boosted their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Jefferies Financial Group boosted 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.

Gates Industrial Stock Down 0.4 %

Shares of NYSE:GTES opened at $19.87 on Monday. Gates Industrial has a 1 year low of $15.14 and a 1 year high of $23.85. The business has a 50 day simple moving average of $21.05 and a two-hundred day simple moving average of $19.95. The firm has a market capitalization of $5.07 billion, a PE ratio of 27.22 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, equities analysts predict that Gates Industrial will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Gates Industrial

Large investors have recently bought and sold shares of the business. QRG Capital Management Inc. acquired a new position in shares of Gates Industrial during the third quarter worth $609,000. Amalgamated Bank increased its position in shares of Gates Industrial by 93.5% during the third quarter. Amalgamated Bank now owns 69,664 shares of the company’s stock worth $1,223,000 after purchasing an additional 33,668 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company’s stock worth $18,670,000 after purchasing an additional 1,048,596 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Gates Industrial during the third quarter worth $67,000. Finally, Covestor Ltd increased its position in shares of Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares in the last quarter. 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.