Gates Industrial (NYSE:GTES) Upgraded by Wall Street Zen to "Strong-Buy" Rating

Gates Industrial (NYSE:GTES - Get Free Report) was upgraded by analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Thursday.

Other research analysts also recently issued research reports about the stock. KeyCorp raised their target price on shares of Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Royal Bank of Canada raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Evercore ISI raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. The Goldman Sachs Group cut their target price on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Finally, Citigroup cut their target price 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. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $22.89.

Gates Industrial Trading Down 0.3%

GTES traded down $0.07 on Thursday, reaching $20.95. 995,021 shares of the company traded hands, compared to its average volume of 2,909,408. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The company has a market cap of $5.40 billion, a P/E ratio of 28.70 and a beta of 1.23. The firm has a fifty day simple moving average of $18.96 and a two-hundred day simple moving average of $20.36. Gates Industrial has a one year low of $14.70 and a one year high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 EPS. As a group, equities research analysts expect that Gates Industrial will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Trading of Gates Industrial

Several large investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Gates Industrial by 9.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company's stock worth $72,825,000 after purchasing an additional 346,250 shares during the last quarter. Empowered Funds LLC purchased a new stake in Gates Industrial during the 1st quarter worth approximately $381,000. Dean Capital Management grew its position in Gates Industrial by 2.3% during the 1st quarter. Dean Capital Management now owns 71,196 shares of the company's stock worth $1,311,000 after purchasing an additional 1,576 shares during the last quarter. Aristeia Capital L.L.C. purchased a new stake in Gates Industrial during the 1st quarter worth approximately $193,000. Finally, Sciencast Management LP acquired a new stake in Gates Industrial during the 1st quarter valued at approximately $210,000. 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.