Gates Industrial Corp PLC (NYSE:GTES) – Equities research analysts at KeyCorp increased their FY2019 earnings per share estimates for shares of Gates Industrial in a report issued on Tuesday, November 5th. KeyCorp analyst J. Hammond now expects that the company will earn $0.96 per share for the year, up from their previous estimate of $0.90. KeyCorp currently has a “Overweight” rating and a $15.00 target price on the stock. KeyCorp also issued estimates for Gates Industrial’s Q4 2019 earnings at $0.19 EPS and FY2020 earnings at $1.00 EPS.
Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.06. Gates Industrial had a net margin of 23.67% and a return on equity of 11.56%. The firm had revenue of $746.60 million for the quarter, compared to analyst estimates of $747.15 million. During the same period in the previous year, the business earned $0.30 earnings per share. The company’s revenue for the quarter was down 9.9% compared to the same quarter last year.
GTES has been the topic of a number of other reports. UBS Group lowered shares of Gates Industrial from a “buy” rating to a “neutral” rating and set a $9.50 target price on the stock. in a research report on Thursday, October 10th. Morgan Stanley set a $9.00 price target on shares of Gates Industrial and gave the stock a “hold” rating in a research note on Monday, August 12th. Royal Bank of Canada downgraded shares of Gates Industrial from an “outperform” rating to a “sector perform” rating and set a $10.00 price target for the company. in a research note on Wednesday, October 9th. Zacks Investment Research raised shares of Gates Industrial from a “strong sell” rating to a “hold” rating in a research note on Friday, October 11th. Finally, ValuEngine raised shares of Gates Industrial from a “sell” rating to a “hold” rating in a research note on Thursday, September 5th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $12.36.
Shares of GTES stock traded down $0.07 during trading hours on Friday, reaching $11.91. 4,705 shares of the company were exchanged, compared to its average volume of 383,763. Gates Industrial has a fifty-two week low of $6.76 and a fifty-two week high of $17.60. The stock’s fifty day moving average is $10.06 and its two-hundred day moving average is $10.87. The company has a market cap of $3.40 billion, a price-to-earnings ratio of 9.34 and a beta of 2.02. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.91 and a quick ratio of 2.06.
In related news, major shareholder Aggregator (Cayman) L.P. Omaha acquired 264,708 shares of the stock in a transaction dated Tuesday, August 13th. The stock was bought at an average price of $7.94 per share, with a total value of $2,101,781.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Blackstone Group Inc acquired 282,500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $8.22 per share, with a total value of $2,322,150.00. The disclosure for this purchase can be found here. Insiders acquired 1,278,808 shares of company stock valued at $10,512,775 in the last ninety days. Insiders own 0.71% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in shares of Gates Industrial by 23.5% in the second quarter. JPMorgan Chase & Co. now owns 5,889,013 shares of the company’s stock valued at $66,781,000 after purchasing an additional 1,122,017 shares during the period. Vanguard Group Inc. boosted its stake in shares of Gates Industrial by 3.8% in the 2nd quarter. Vanguard Group Inc. now owns 4,168,061 shares of the company’s stock valued at $47,558,000 after purchasing an additional 152,611 shares in the last quarter. First Manhattan Co. boosted its stake in shares of Gates Industrial by 246.1% in the 2nd quarter. First Manhattan Co. now owns 2,747,445 shares of the company’s stock valued at $31,348,000 after purchasing an additional 1,953,610 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Gates Industrial by 12.1% in the 2nd quarter. BlackRock Inc. now owns 2,217,291 shares of the company’s stock valued at $25,299,000 after purchasing an additional 239,707 shares in the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Gates Industrial by 2,193.8% in the 2nd quarter. Prudential Financial Inc. now owns 672,087 shares of the company’s stock valued at $7,669,000 after purchasing an additional 642,787 shares in the last quarter.
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.
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