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

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 note issued to investors on Saturday.

A number of other brokerages have also recently weighed in on GTES. Morgan Stanley dropped their price target on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Citigroup dropped their price target on Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Evercore ISI lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Barclays lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Finally, Royal Bank of Canada lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $23.22.

Gates Industrial Price Performance

NYSE:GTES opened at $21.68 on Friday. The business's 50-day moving average price is $19.89 and its 200 day moving average price is $20.40. The firm has a market cap of $5.59 billion, a P/E ratio of 29.70 and a beta of 1.21. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Gates Industrial's revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 earnings per share. As a group, sell-side analysts predict that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors have recently made changes to their positions in GTES. Principal Securities Inc. lifted its holdings in shares of Gates Industrial by 30.4% during the 4th quarter. Principal Securities Inc. now owns 11,426 shares of the company's stock valued at $235,000 after buying an additional 2,665 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Gates Industrial by 3.3% during the 4th quarter. Principal Financial Group Inc. now owns 1,099,104 shares of the company's stock valued at $22,609,000 after buying an additional 35,266 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Gates Industrial by 6.6% during the 4th quarter. Truist Financial Corp now owns 282,809 shares of the company's stock valued at $5,817,000 after buying an additional 17,632 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Gates Industrial by 180.6% during the 4th quarter. Venturi Wealth Management LLC now owns 8,640 shares of the company's stock valued at $178,000 after buying an additional 5,561 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in shares of Gates Industrial by 9.3% during the 4th quarter. New York State Common Retirement Fund now owns 1,036,880 shares of the company's stock valued at $21,329,000 after buying an additional 88,055 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.

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