Gates Industrial Corp PLC (NYSE:GTES) – Equities research analysts at KeyCorp increased their Q3 2020 earnings per share estimates for shares of Gates Industrial in a research report issued to clients and investors on Tuesday, October 13th. KeyCorp analyst J. Hammond now forecasts that the company will earn $0.18 per share for the quarter, up from their prior estimate of $0.13. KeyCorp has a “Overweight” rating and a $14.00 price objective on the stock. KeyCorp also issued estimates for Gates Industrial’s FY2020 earnings at $0.56 EPS and FY2021 earnings at $0.80 EPS.
Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.07. The company had revenue of $576.50 million for the quarter, compared to analyst estimates of $567.66 million. Gates Industrial had a return on equity of 6.38% and a net margin of 2.47%. The firm’s revenue for the quarter was down 28.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 EPS.
A number of other research analysts have also weighed in on the company. Morgan Stanley raised their price objective on Gates Industrial from $12.00 to $13.00 and gave the company an “equal weight” rating in a report on Tuesday, October 13th. Credit Suisse Group raised their price objective on Gates Industrial from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Zacks Investment Research upgraded Gates Industrial from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Wednesday. Barclays lifted their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Tuesday, September 15th. Finally, UBS Group upgraded Gates Industrial from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $12.00 to $15.00 in a report on Tuesday, October 13th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $13.56.
Shares of GTES stock opened at $12.13 on Friday. The stock’s fifty day moving average is $11.48 and its two-hundred day moving average is $10.14. The company has a debt-to-equity ratio of 1.06, a quick ratio of 2.32 and a current ratio of 3.11. The firm has a market capitalization of $3.52 billion, a P/E ratio of 52.74 and a beta of 1.94. Gates Industrial has a fifty-two week low of $5.42 and a fifty-two week high of $14.30.
Several large investors have recently modified their holdings of GTES. State Street Corp increased its position in shares of Gates Industrial by 1.8% during the 1st quarter. State Street Corp now owns 599,861 shares of the company’s stock worth $4,427,000 after purchasing an additional 10,495 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Gates Industrial by 180.8% during the 1st quarter. Nuveen Asset Management LLC now owns 471,789 shares of the company’s stock worth $3,482,000 after purchasing an additional 303,791 shares during the last quarter. Deutsche Bank AG increased its position in shares of Gates Industrial by 2,223.7% during the 1st quarter. Deutsche Bank AG now owns 81,515 shares of the company’s stock worth $601,000 after purchasing an additional 78,007 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Gates Industrial by 4.2% during the 1st quarter. Wells Fargo & Company MN now owns 187,220 shares of the company’s stock worth $1,382,000 after purchasing an additional 7,609 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Gates Industrial by 1,072.8% during the 1st quarter. Invesco Ltd. now owns 1,539,419 shares of the company’s stock worth $11,360,000 after purchasing an additional 1,408,160 shares during the last quarter. 99.96% of the stock is owned by hedge funds and other institutional investors.
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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