Gates Industrial (NYSE:GTES) Hits New 52-Week High - Time to Buy?

Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $25.00 and last traded at $24.75, with a volume of 2020639 shares changing hands. The stock had previously closed at $24.86.

Wall Street Analyst Weigh In

A number of analysts have recently commented on GTES shares. The Goldman Sachs Group boosted their target price 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. Barclays increased their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Morgan Stanley dropped their target price on shares of 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. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 12th. Finally, KeyCorp raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Three 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $24.44.

Gates Industrial Price Performance

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 cap of $6.33 billion, a P/E ratio of 29.94 and a beta of 1.22. The company's 50-day moving average is $22.55 and its two-hundred day moving average is $20.72.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results 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 company had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.31 earnings per share. Sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Institutional Trading of Gates Industrial

A number of large investors have recently modified their holdings of GTES. GeoWealth Management LLC grew its position in shares of Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after acquiring an additional 789 shares during the period. SVB Wealth LLC acquired a new position in Gates Industrial in the first quarter valued at approximately $34,000. Aster Capital Management DIFC Ltd acquired a new position in Gates Industrial in the fourth quarter valued at approximately $43,000. Steph & Co. acquired a new position in Gates Industrial in the second quarter valued at approximately $70,000. Finally, MetLife Investment Management LLC raised its position in Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after purchasing an additional 567 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

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.

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