Gates Industrial (NYSE:GTES) Now Covered by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has initiated coverage on Gates Industrial (NYSE:GTES), setting an "overweight" rating and a price target of $35.00, suggesting a potential upside of 38.59% from its current price.
• The stock has received multiple upgrades from various analysts, with an average price target of $27.50 and a consensus rating of "Moderate Buy."
• Gates Industrial reported $0.39 earnings per share for the last quarter, slightly above analysts' expectations, with a revenue of $883.70 million, indicating a 0.2% year-over-year decline.

Investment analysts at JPMorgan Chase & Co. assumed coverage on shares of Gates Industrial (NYSE:GTES - Get Free Report) in a research note issued on Monday,Benzinga reports. The brokerage set an "overweight" rating and a $35.00 price target on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 38.59% from the company's current price.

A number of other equities research analysts have also recently weighed in on the company. Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 12th. Royal Bank Of Canada upped their target price on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Zacks Research raised Gates Industrial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. Citigroup upped their target price on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Finally, Morgan Stanley reduced 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. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $27.50.

Gates Industrial Trading Up 4.0%

Shares of NYSE GTES opened at $25.2550 on Monday. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The stock has a market capitalization of $6.51 billion, a P/E ratio of 32.38 and a beta of 1.24. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $25.66. The business has a fifty day moving average price of $23.99 and a 200 day moving average price of $21.42.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $883.70 million during the quarter, compared to analysts' expectations of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The firm's quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Equities research analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GTES. Mariner LLC grew its holdings in Gates Industrial by 2.2% during the fourth quarter. Mariner LLC now owns 48,097 shares of the company's stock worth $989,000 after acquiring an additional 1,052 shares during the period. 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. MML Investors Services LLC grew its holdings in Gates Industrial by 32.3% during the fourth quarter. MML Investors Services LLC now owns 112,047 shares of the company's stock worth $2,305,000 after acquiring an additional 27,363 shares during the period. State of Tennessee Department of Treasury grew its holdings in Gates Industrial by 81.0% during the fourth quarter. State of Tennessee Department of Treasury now owns 85,569 shares of the company's stock worth $1,760,000 after acquiring an additional 38,289 shares during the period. Finally, Stifel Financial Corp grew its holdings in Gates Industrial by 7.0% during the fourth quarter. Stifel Financial Corp now owns 149,113 shares of the company's stock worth $3,067,000 after acquiring an additional 9,775 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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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