Gates Industrial (NYSE:GTES) Stock Rating Upgraded by Wall Street Zen

Gates Industrial (NYSE:GTES - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

Several other research firms also recently weighed in on GTES. 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 note on Thursday, July 31st. Royal Bank Of Canada increased their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Industrial Alliance Securities set a $35.00 target price on shares of Gates Industrial in a research report on Monday, August 25th. UBS Group increased their target price on shares of Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Citigroup raised their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.18.

Gates Industrial Stock Up 0.0%

Gates Industrial stock opened at $25.75 on Friday. The firm has a 50 day moving average price of $25.04 and a 200-day moving average price of $22.30. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $26.42. The company has a market capitalization of $6.63 billion, a P/E ratio of 33.02 and a beta of 1.25. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66.

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

Institutional Trading of Gates Industrial

A number of hedge funds have recently made changes to their positions in GTES. Norges Bank bought a new stake in shares of Gates Industrial during the 2nd quarter worth $80,713,000. Jennison Associates LLC lifted its stake in Gates Industrial by 30.5% during the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock worth $127,386,000 after purchasing an additional 1,618,598 shares during the last quarter. Driehaus Capital Management LLC lifted its stake in Gates Industrial by 4,976.3% during the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock worth $29,573,000 after purchasing an additional 1,574,701 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Gates Industrial during the second quarter worth about $32,255,000. Finally, Shellback Capital LP bought a new stake in Gates Industrial in the 1st quarter worth approximately $16,906,000. 98.50% of the stock is owned by institutional investors.

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.

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