Gates Industrial Corporation PLC (NYSE:GTES) Receives Consensus Rating of “Moderate Buy” from Brokerages

Gates Industrial Corporation PLC (NYSE:GTES) has received a consensus rating of “Moderate Buy” from the twelve ratings firms that are currently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $27.0909.

GTES has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, December 29th. Zacks Research lowered shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. JPMorgan Chase & Co. dropped their price objective on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a research note on Tuesday, December 16th. Finally, Citigroup restated a “buy” rating on shares of Gates Industrial in a research note on Monday, January 12th.

Gates Industrial Trading Up 1.2%

NYSE:GTES opened at $22.99 on Thursday. Gates Industrial has a 1 year low of $14.70 and a 1 year high of $26.46. The stock’s fifty day moving average price is $22.26 and its two-hundred day moving average price is $23.76. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50. The company has a market cap of $5.94 billion, a P/E ratio of 25.26 and a beta of 1.24.

Insider Transactions at Gates Industrial

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of Gates Industrial stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the sale, the chief financial officer owned 177,627 shares of the company’s stock, valued at $4,044,566.79. The trade was a 11.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Gates Industrial

Hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC purchased a new position in Gates Industrial in the third quarter valued at $4,472,000. D.A. Davidson & CO. acquired a new stake in Gates Industrial in the 2nd quarter valued at about $319,000. Voya Investment Management LLC boosted its stake in shares of Gates Industrial by 751.7% in the 3rd quarter. Voya Investment Management LLC now owns 1,137,088 shares of the company’s stock valued at $28,223,000 after buying an additional 1,003,580 shares during the period. Oak Thistle LLC purchased a new position in shares of Gates Industrial in the 3rd quarter valued at about $1,428,000. Finally, Envestnet Asset Management Inc. grew its position in shares of Gates Industrial by 2.0% during the second quarter. Envestnet Asset Management Inc. now owns 1,133,515 shares of the company’s stock worth $26,105,000 after buying an additional 22,586 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Company Profile

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.