Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $24.13 and last traded at $23.70, with a volume of 1568820 shares. The stock had previously closed at $24.01.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the company. Morgan Stanley cut 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. KeyCorp lifted their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. The Goldman Sachs Group raised their price target 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. Royal Bank Of Canada increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, Citigroup dropped 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 equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $23.22.
Check Out Our Latest Report on Gates Industrial
Gates Industrial Trading Up 0.9%
The firm has a market capitalization of $6.22 billion, a P/E ratio of 29.41 and a beta of 1.22. 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 fifty day simple moving average of $21.81 and a two-hundred day simple moving average of $20.50.
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, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. The company's revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.31 earnings per share. On average, equities research analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Gates Industrial
Hedge funds and other institutional investors have recently bought and sold shares of the business. GeoWealth Management LLC lifted its holdings in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after purchasing an additional 789 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after buying an additional 1,514 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of Gates Industrial in the first quarter worth about $34,000. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial in the fourth quarter valued at approximately $43,000. Finally, MetLife Investment Management LLC grew its stake in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after acquiring an additional 567 shares in the last quarter. Institutional investors own 98.50% of the company's stock.
About Gates Industrial
(
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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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