Gates Industrial Corporation PLC (NYSE:GTES) Receives $23.22 Average PT from Brokerages

Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the nine research firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $23.22.

A number of research firms recently weighed in on GTES. Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Barclays raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, May 12th. Royal Bank Of Canada raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, KeyCorp raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, June 9th.

Gates Industrial Stock Up 0.1%

Shares of GTES traded up $0.03 during trading hours on Wednesday, reaching $21.98. 2,749,024 shares of the stock traded hands, compared to its average volume of 2,806,875. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70. The stock has a fifty day simple moving average of $20.37 and a 200 day simple moving average of $20.38. Gates Industrial has a 52 week low of $14.70 and a 52 week high of $23.85. The company has a market cap of $5.67 billion, a price-to-earnings ratio of 26.80 and a beta of 1.21.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same period last year, the firm earned $0.31 earnings per share. The firm's revenue was down 1.7% on a year-over-year basis. On average, equities analysts forecast that Gates Industrial will post 1.36 EPS for the current year.

Institutional Trading of Gates Industrial

A number of large investors have recently added to or reduced their stakes in GTES. Voya Investment Management LLC increased its stake in shares of Gates Industrial by 187.0% in the first quarter. Voya Investment Management LLC now owns 139,129 shares of the company's stock worth $2,561,000 after purchasing an additional 90,648 shares in the last quarter. Strs Ohio purchased a new position in shares of Gates Industrial in the first quarter worth about $8,916,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Gates Industrial by 9.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company's stock worth $72,825,000 after purchasing an additional 346,250 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Gates Industrial in the first quarter worth about $381,000. Finally, Dean Capital Management increased its stake in shares of Gates Industrial by 2.3% in the first quarter. Dean Capital Management now owns 71,196 shares of the company's stock worth $1,311,000 after purchasing an additional 1,576 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

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.