Gates Industrial Corp PLC (NYSE:GTES) Receives $22.89 Consensus Price Target from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the nine brokerages that are covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $22.89.

GTES has been the topic of several recent research reports. The Goldman Sachs Group raised their price objective on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday. Morgan Stanley cut their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Evercore ISI raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, KeyCorp raised their price objective on Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Thursday, May 1st.

Gates Industrial Stock Performance

NYSE:GTES traded down $0.07 on Friday, hitting $21.41. The company's stock had a trading volume of 1,403,776 shares, compared to its average volume of 2,893,531. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. The stock has a fifty day moving average of $19.09 and a two-hundred day moving average of $20.37. The firm has a market capitalization of $5.52 billion, a P/E ratio of 29.33 and a beta of 1.23. Gates Industrial has a one year low of $14.70 and a one year high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 earnings per share. Research analysts predict that Gates Industrial will post 1.36 earnings per share for the current year.

Insider Activity at Gates Industrial

In related news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares of the company's stock, valued at $3,686,121.12. This represents a 46.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is owned by insiders.

Institutional Trading of Gates Industrial

Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC increased its stake in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Gates Industrial by 1,185.0% during the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock valued at $69,187,000 after purchasing an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Gates Industrial by 540.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock valued at $74,247,000 after purchasing an additional 3,046,064 shares in the last quarter. Norges Bank bought a new position in shares of Gates Industrial during the fourth quarter valued at approximately $56,520,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $42,080,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

About Gates Industrial

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.