Gates Industrial (NYSE:GTES) Downgraded to "Buy" Rating by Wall Street Zen

Gates Industrial (NYSE:GTES - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Friday.

GTES has been the topic of a number of other research reports. Barclays boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Royal Bank Of Canada boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Citigroup cut their price target on Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. KeyCorp boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Finally, Morgan Stanley lowered their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.22.

Gates Industrial Trading Down 0.3%

GTES stock traded down $0.06 during trading on Friday, reaching $23.07. 1,440,925 shares of the stock traded hands, compared to its average volume of 2,792,149. The business's 50 day moving average price is $20.94 and its 200-day moving average price is $20.38. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $24.05. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35. The firm has a market capitalization of $5.95 billion, a PE ratio of 28.13 and a beta of 1.21.

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

Hedge Funds Weigh In On Gates Industrial

Several institutional investors have recently made changes to their positions in GTES. FMR LLC grew its holdings 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 during the last quarter. JPMorgan Chase & Co. grew its holdings 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 worth $69,187,000 after buying an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Gates Industrial by 540.7% in 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 worth $74,247,000 after buying an additional 3,046,064 shares in the last quarter. Norges Bank bought a new position in Gates Industrial in the 4th quarter worth approximately $56,520,000. Finally, Raymond James Financial Inc. acquired a new stake in Gates Industrial in the fourth quarter worth approximately $42,080,000. 98.50% of the stock is owned by 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.