Wall Street Zen Downgrades Gates Industrial (NYSE:GTES) to Buy

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 report released on Friday.

A number of other analysts have also commented on GTES. Royal Bank Of Canada lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. KeyCorp lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Barclays lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Finally, Citigroup reduced their price target on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $23.22.

Gates Industrial Stock Up 1.2%

NYSE:GTES traded up $0.28 on Friday, reaching $23.18. 2,853,611 shares of the stock traded hands, compared to its average volume of 2,801,271. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of 28.27 and a beta of 1.21. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $23.85. The company's fifty day simple moving average is $20.94 and its 200 day simple moving average is $20.40.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $847.60 million during 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%. Gates Industrial's revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.31 EPS. Equities analysts predict that Gates Industrial will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Institutional investors and hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. boosted its holdings in shares of Gates Industrial by 4.5% in the first quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock worth $701,000 after buying an additional 1,626 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Gates Industrial by 15.5% in the first quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock worth $2,227,000 after buying an additional 16,224 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Gates Industrial by 362.9% in the first quarter. SG Americas Securities LLC now owns 56,960 shares of the company's stock worth $1,049,000 after buying an additional 44,654 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Gates Industrial in the fourth quarter worth approximately $529,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Gates Industrial by 29.4% in the fourth quarter. Cetera Investment Advisers now owns 43,861 shares of the company's stock worth $902,000 after buying an additional 9,971 shares during 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.