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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $22.78.

A number of brokerages have recently commented on GTES. Morgan Stanley lowered their price target on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Thursday. Evercore ISI raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. KeyCorp upped their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday. The Goldman Sachs Group lowered their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, Citigroup cut their target price on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 14th.

Gates Industrial Trading Up 4.0 %

Gates Industrial stock opened at $19.82 on Tuesday. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 27.15 and a beta of 1.23. The firm has a 50-day moving average price of $18.55 and a two-hundred day moving average price of $20.13.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The business had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same period in the previous year, the firm posted $0.31 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. Sell-side analysts expect that Gates Industrial will post 1.36 earnings per share for the current year.

Insider Activity

In related news, Director Fredrik J. Eliasson acquired 60,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. GeoWealth Management LLC boosted its stake in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. lifted its holdings in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial in the fourth quarter worth $43,000. Versant Capital Management Inc grew its holdings in shares of Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after buying an additional 1,598 shares in the last quarter. Finally, SRS Capital Advisors Inc. raised its position in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after buying an additional 724 shares during the period. 98.50% 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.