Gates Industrial (NYSE:GTES) Sets New 1-Year High - Here's What Happened

Key Points

• Gates Industrial Corporation (NYSE:GTES) reached a new 52-week high of $25.36 during trading, indicating positive momentum in the stock performance.
• Multiple analysts have raised their price targets for Gates Industrial, with Barclays and KeyCorp both increasing their target prices to $26.00 and giving the stock an "overweight" rating.
• The company reported an earnings per share (EPS) of $0.36 for the last quarter, surpassing expectations and indicating stable financial performance despite a slight year-over-year revenue decline.

Shares of Gates Industrial Corporation PLC (NYSE:GTES - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $25.36 and last traded at $25.32, with a volume of 14047 shares traded. The stock had previously closed at $25.31.

Analyst Ratings Changes

A number of research analysts have issued reports on GTES shares. KeyCorp reiterated an "overweight" rating and set a $30.00 price target (up previously from $26.00) on shares of Gates Industrial in a research report on Thursday. Royal Bank Of Canada upped their price objective on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday. UBS Group upped their price objective on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday. Morgan Stanley cut their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Finally, The Goldman Sachs Group upped their price objective on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $26.00.

Gates Industrial Price Performance

The company has a 50 day moving average price of $22.94 and a 200 day moving average price of $20.94. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of 30.20 and a beta of 1.22. 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 posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The company had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. During the same quarter in the prior year, the business posted $0.36 EPS. The firm's quarterly revenue was down .2% on a year-over-year basis. As a group, equities research analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Institutional Trading of Gates Industrial

Hedge funds and other institutional investors have recently modified their holdings of the company. GeoWealth Management LLC raised its stake in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after purchasing an additional 789 shares during the period. SVB Wealth LLC bought a new position in shares of Gates Industrial in the 1st quarter valued at about $34,000. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial in the 4th quarter valued at about $43,000. Steph & Co. bought a new position in shares of Gates Industrial in the 2nd quarter valued at about $70,000. Finally, MetLife Investment Management LLC grew 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 acquiring an additional 567 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

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.