Gates Industrial Corporation PLC (NYSE:GTES) Receives $23.56 Consensus Price Target from Analysts

Shares of Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) have received a consensus rating of "Moderate Buy" from the nine analysts that are currently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $24.44.

GTES has been the topic of a number of recent analyst reports. Barclays raised their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday. The Goldman Sachs Group boosted their price objective on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Citigroup increased their price objective on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a report on Monday. Finally, Morgan Stanley decreased their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTES. FMR LLC grew its holdings in Gates Industrial by 48.9% during the 4th 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. raised its position in Gates Industrial by 1,185.0% in the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock valued at $69,187,000 after buying an additional 3,101,738 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Gates Industrial by 540.7% during the 4th 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 acquiring an additional 3,046,064 shares during the period. Norges Bank bought a new position in Gates Industrial in the fourth quarter worth approximately $56,520,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Gates Industrial in the fourth quarter valued at $42,080,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Trading Down 0.4%

GTES stock traded down $0.11 during trading on Friday, hitting $24.51. The company had a trading volume of 444,498 shares, compared to its average volume of 2,769,707. The firm has a 50-day moving average price of $22.13 and a 200-day moving average price of $20.58. The stock has a market cap of $6.32 billion, a price-to-earnings ratio of 29.91 and a beta of 1.22. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $24.94. The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its 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. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. During the same quarter in the prior year, the business posted $0.31 EPS. The business's revenue was down 1.7% compared to the same quarter last year. As a group, analysts predict that Gates Industrial will post 1.36 earnings per share for the current year.

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.