Gates Industrial (NYSE:GTES) Rating Lowered to Buy at Wall Street Zen

Wall Street Zen lowered shares of Gates Industrial (NYSE:GTES) from a strong-buy rating to a buy rating in a research note released on Friday.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group lifted their target price on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Royal Bank Of Canada lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. KeyCorp lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Citigroup decreased their price target on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Morgan Stanley decreased their price target on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.22.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $23.18 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33. Gates Industrial has a fifty-two week low of $14.70 and a fifty-two week high of $23.85. The firm has a market capitalization of $5.98 billion, a PE ratio of 28.27 and a beta of 1.21. The stock’s 50-day simple moving average is $20.94 and its 200-day simple moving average is $20.40.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 EPS. As a group, equities research analysts forecast that Gates Industrial will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently bought and sold shares of GTES. GeoWealth Management LLC raised its holdings in Gates Industrial by 187.4% during the fourth 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 last quarter. Assetmark Inc. raised 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 worth $32,000 after acquiring an additional 1,514 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Gates Industrial in the first quarter worth $34,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Gates Industrial in the fourth quarter worth $43,000. Finally, SRS Capital Advisors Inc. raised its holdings in shares of Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

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.