Gates Industrial (NYSE:GTES) Hits New 52-Week High - What's Next?

Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $23.85 and last traded at $23.80, with a volume of 873639 shares changing hands. The stock had previously closed at $23.38.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Barclays increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Wall Street Zen downgraded Gates Industrial from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Citigroup decreased their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Morgan Stanley dropped their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Finally, KeyCorp boosted 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. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.22.

Gates Industrial Trading Up 2.2%

The stock's 50 day moving average price is $21.20 and its 200-day moving average price is $20.40. The stock has a market capitalization of $6.16 billion, a P/E ratio of 29.15 and a beta of 1.22. The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The firm had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. The company's revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighPoint Advisor Group LLC lifted its stake in shares of Gates Industrial by 3.2% in the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company's stock worth $331,000 after buying an additional 452 shares in the last quarter. EP Wealth Advisors LLC raised its position in Gates Industrial by 3.6% in the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock valued at $298,000 after purchasing an additional 504 shares during the period. MetLife Investment Management LLC raised its holdings in shares of Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after buying an additional 567 shares during the period. United Services Automobile Association boosted its stake in shares of Gates Industrial by 4.8% in the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company's stock valued at $289,000 after purchasing an additional 646 shares during the period. Finally, Personal CFO Solutions LLC raised its stake in shares of Gates Industrial by 6.4% in the first quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock valued at $206,000 after acquiring an additional 670 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other 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.

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