Gates Industrial (NYSE:GTES - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Saturday.
Other equities research analysts have also recently issued research reports about the stock. Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. KeyCorp lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Morgan Stanley dropped their target price on 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. Barclays raised their price target on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, The Goldman Sachs Group upped their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $23.56.
View Our Latest Analysis on Gates Industrial
Gates Industrial Stock Down 1.2%
NYSE GTES opened at $24.45 on Friday. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $24.92. The company has a market capitalization of $6.30 billion, a price-to-earnings ratio of 29.82 and a beta of 1.22. The stock's 50 day moving average is $22.13 and its two-hundred day moving average is $20.58. 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 announced its quarterly 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. 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 for the quarter, compared to analysts' expectations of $823.56 million. During the same period in the prior year, the business posted $0.31 earnings per share. The business's revenue was down 1.7% compared to the same quarter last year. Equities analysts forecast that Gates Industrial will post 1.36 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Gates Industrial
Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its stake in Gates Industrial by 4.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after acquiring an additional 1,845 shares during the period. GAMMA Investing LLC raised its holdings in Gates Industrial by 81.0% during the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after buying an additional 4,073 shares during the period. QRG Capital Management Inc. raised its holdings in Gates Industrial by 4.5% during the 1st quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock worth $701,000 after buying an additional 1,626 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in Gates Industrial by 1.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock valued at $1,443,000 after buying an additional 1,015 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Gates Industrial by 15.5% in the first quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock valued at $2,227,000 after buying an additional 16,224 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.
About Gates Industrial
(
Get Free Report)
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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