Gates Industrial (NYSE:GTES) Hits New 52-Week High on Analyst Upgrade

Shares of Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $22.00 to $29.00. Citigroup currently has a buy rating on the stock. Gates Industrial traded as high as $24.95 and last traded at $24.77, with a volume of 194265 shares changing hands. The stock had previously closed at $24.61.

Several other equities research analysts have also issued reports on the company. Barclays upped their price target on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 12th. Morgan Stanley dropped 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. The Goldman Sachs Group increased their target price on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Finally, Royal Bank Of Canada increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Gates Industrial currently has an average rating of "Moderate Buy" and an average target price of $24.44.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. GeoWealth Management LLC grew its holdings in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after acquiring an additional 789 shares during the period. SVB Wealth LLC acquired a new position in Gates Industrial during the first quarter worth about $34,000. Aster Capital Management DIFC Ltd acquired a new position in Gates Industrial during the fourth quarter worth about $43,000. Steph & Co. acquired a new position in Gates Industrial during the second quarter worth about $70,000. Finally, MetLife Investment Management LLC grew its holdings in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after acquiring an additional 567 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Trading Down 0.6%

The business has a fifty day moving average of $22.47 and a 200-day moving average of $20.69. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 30.13 and a beta of 1.22. 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 posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 EPS. On average, equities analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

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.