Brokerages Set Gates Industrial Corporation PLC (NYSE:GTES) PT at $23.56

Shares of Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the nine brokerages that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $24.44.

Several analysts have weighed in on the company. KeyCorp boosted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Royal Bank Of Canada upped their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Citigroup raised their price target on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a report on Monday. Barclays upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Finally, Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday.

Institutional Trading of Gates Industrial

Several institutional investors and hedge funds have recently bought and sold shares of GTES. State of Alaska Department of Revenue lifted its stake in shares of Gates Industrial by 5.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 195,499 shares of the company's stock valued at $4,501,000 after purchasing an additional 10,715 shares during the period. Steph & Co. bought a new position in Gates Industrial in the second quarter worth $70,000. Public Employees Retirement System of Ohio raised its holdings in Gates Industrial by 16.2% in the second quarter. Public Employees Retirement System of Ohio now owns 84,635 shares of the company's stock worth $1,949,000 after purchasing an additional 11,775 shares in the last quarter. Oliver Luxxe Assets LLC lifted its position in Gates Industrial by 1.0% during the second quarter. Oliver Luxxe Assets LLC now owns 102,338 shares of the company's stock valued at $2,357,000 after buying an additional 1,039 shares during the period. Finally, GAMMA Investing LLC lifted its position in Gates Industrial by 14.7% during the second quarter. GAMMA Investing LLC now owns 10,433 shares of the company's stock valued at $240,000 after buying an additional 1,334 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

NYSE GTES traded down $0.04 on Friday, reaching $24.39. 1,655,613 shares of the company's stock traded hands, compared to its average volume of 2,340,135. The stock has a market cap of $6.29 billion, a PE ratio of 29.74 and a beta of 1.22. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $24.95. The stock has a 50-day simple moving average of $22.30 and a 200 day simple moving average of $20.63. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate 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 net margin of 6.39% and a return on equity of 10.15%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 EPS. As a group, research 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.