Gates Industrial (NYSE:GTES) Sets New 52-Week High - Still a Buy?

Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report)'s stock price hit a new 52-week high on Thursday . The stock traded as high as $24.65 and last traded at $22.74, with a volume of 150 shares changing hands. The stock had previously closed at $22.60.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen downgraded Gates Industrial from a "strong-buy" rating to a "buy" rating in a report on Friday. The Goldman Sachs Group raised their price target on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Citigroup reduced their price objective on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Barclays lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.22.

Gates Industrial Trading Up 1.2%

The stock has a 50 day simple moving average of $20.94 and a 200-day simple moving average of $20.38. The firm has a market capitalization of $5.98 billion, a P/E 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 (NYSE:GTES - Get Free Report) last released 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. The business had revenue of $847.60 million during 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 EPS. On average, equities research analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Gates Industrial

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in shares of Gates Industrial by 101.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,719,239 shares of the company's stock valued at $55,935,000 after acquiring an additional 1,366,431 shares during the period. Amalgamated Bank grew its stake in shares of Gates Industrial by 1.5% during the 4th quarter. Amalgamated Bank now owns 70,711 shares of the company's stock valued at $1,455,000 after acquiring an additional 1,047 shares during the period. Oppenheimer Asset Management Inc. grew its stake in shares of Gates Industrial by 7.5% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 77,355 shares of the company's stock valued at $1,591,000 after acquiring an additional 5,411 shares during the period. Proficio Capital Partners LLC bought a new position in shares of Gates Industrial during the 4th quarter valued at approximately $529,000. Finally, Versor Investments LP bought a new position in shares of Gates Industrial during the 4th quarter valued at approximately $385,000. 98.50% of the stock is currently owned by institutional investors.

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.