Gates Industrial (NYSE:GTES) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Gates Industrial (NYSE:GTES - Free Report) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday.

GTES has been the subject of several other research reports. Royal Bank Of Canada upped their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. The Goldman Sachs Group raised their price target on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Evercore ISI increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. Barclays raised their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Finally, Morgan Stanley reduced 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. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $23.22.

Gates Industrial Stock Performance

Shares of NYSE:GTES traded down $0.36 on Friday, hitting $21.74. The company had a trading volume of 1,441,821 shares, compared to its average volume of 2,839,099. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70. The stock has a 50 day moving average price of $20.10 and a 200 day moving average price of $20.39. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $23.85. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of 26.51 and a beta of 1.21.

Gates Industrial (NYSE:GTES - Get Free Report) last posted 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. The company 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 6.39% and a return on equity of 10.15%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.31 EPS. Analysts expect that Gates Industrial will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC lifted its position in shares of Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after acquiring an additional 6,383,165 shares in the last quarter. Invesco Ltd. increased its stake in Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock worth $152,354,000 after acquiring an additional 168,328 shares during the last quarter. Fiduciary Management Inc. WI increased its stake in Gates Industrial by 0.6% during the first quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company's stock worth $133,774,000 after acquiring an additional 41,541 shares during the last quarter. Jennison Associates LLC increased 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 acquiring an additional 1,618,598 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock worth $135,145,000 after acquiring an additional 85,253 shares during the last quarter. 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.