Gates Industrial Corporation PLC (NYSE:GTES) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Gates Industrial Corporation has received a consensus recommendation of "Moderate Buy" from nine analysts, with an average target price of $26.67.
• The company's recent earnings report showed an EPS of $0.39, surpassing estimates and reflecting a slight revenue drop compared to the previous year.
• Institutional investors hold 98.50% of Gates Industrial's stock, indicating significant institutional support and investment in the company.

Shares of Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $26.6667.

A number of research analysts recently commented on the company. KeyCorp reaffirmed an "overweight" rating and issued a $30.00 price target (up previously from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Citigroup raised their target price on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a report on Monday, July 14th. UBS Group upped their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Royal Bank Of Canada increased their price target on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Barclays restated an "overweight" rating and set a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a research report on Monday.

Hedge Funds Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GeoWealth Management LLC boosted its stake in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after purchasing an additional 789 shares in the last quarter. SVB Wealth LLC bought a new position in Gates Industrial in the 1st quarter valued at approximately $34,000. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial during the 4th quarter worth approximately $43,000. Allworth Financial LP grew its holdings in Gates Industrial by 43.0% during the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company's stock worth $48,000 after acquiring an additional 630 shares during the last quarter. Finally, Steph & Co. acquired a new position in Gates Industrial in the 2nd quarter valued at approximately $70,000. Institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

NYSE:GTES traded down $0.27 during trading hours on Thursday, reaching $23.87. 1,994,451 shares of the company were exchanged, compared to its average volume of 2,034,130. The business has a 50 day moving average of $23.39 and a 200 day moving average of $21.13. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $25.66. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The company has a market capitalization of $6.15 billion, a P/E ratio of 30.61 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $883.70 million during the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. The company's revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. Research analysts forecast that Gates Industrial will post 1.36 EPS for the current year.

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.