Shares of Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.65 and last traded at $22.74, with a volume of 150 shares. The stock had previously closed at $22.60.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on GTES. Barclays raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. KeyCorp raised their price objective 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. Citigroup reduced their target price 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. Royal Bank Of Canada raised their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 14th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.22.
Get Our Latest Analysis on GTES
Gates Industrial Stock Performance
The company's fifty day moving average price is $20.69 and its two-hundred day moving average price is $20.39. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33. The firm has a market capitalization of $5.89 billion, a PE ratio of 27.88 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 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 company had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. During the same quarter last year, the firm posted $0.31 earnings per share. Gates Industrial's revenue was down 1.7% on a year-over-year basis. As a group, equities analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.
Institutional Investors Weigh In On Gates Industrial
A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of Gates Industrial by 48.9% in 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 holdings in Gates Industrial by 1,185.0% in the fourth 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Gates Industrial by 540.7% during the fourth 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 buying an additional 3,046,064 shares in the last quarter. Norges Bank purchased a new stake in Gates Industrial during the fourth quarter worth approximately $56,520,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Gates Industrial in the fourth quarter worth $42,080,000. Hedge funds and other institutional investors own 98.50% of the company's stock.
About Gates Industrial
(
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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.
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