Gates Industrial (NYSE:GTES) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $14.00 price target on the stock. Zacks Investment Research's price target would suggest a potential upside of 16.76% from the stock's current price.
According to Zacks, "Gates Industrial Corporation PLC is a manufacturer of engineered power transmission and fluid power solutions. The company offers portfolio of products to diverse replacement channel customers and to original equipment manufacturers as specified components. It serves agriculture, construction, manufacturing, energy and consumer applications industries. The company operates primarily in the Americas; Europe, Middle East & Africa; Greater China and East Asia & India. Gates Industrial Corporation PLC is based in Denver, Colorado. "
Other equities research analysts have also recently issued reports about the stock. UBS Group raised shares of Gates Industrial from a "neutral" rating to a "buy" rating and raised their target price for the stock from $12.00 to $15.00 in a research report on Tuesday. Credit Suisse Group raised their target price on shares of Gates Industrial from $11.00 to $13.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Citigroup raised their target price on shares of Gates Industrial from $12.00 to $13.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Morgan Stanley raised their target price on shares of Gates Industrial from $12.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, KeyCorp lifted their price target on shares of Gates Industrial from $13.00 to $14.00 and gave the company an "overweight" rating in a research report on Friday, August 28th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Gates Industrial has a consensus rating of "Buy" and a consensus price target of $13.56.
Shares of NYSE GTES traded down $0.22 during midday trading on Wednesday, reaching $11.99. 159,825 shares of the stock were exchanged, compared to its average volume of 308,226. The company has a market capitalization of $3.48 billion, a P/E ratio of 52.13 and a beta of 1.94. Gates Industrial has a 52-week low of $5.42 and a 52-week high of $14.30. The company has a current ratio of 3.11, a quick ratio of 2.32 and a debt-to-equity ratio of 1.06. The stock has a 50 day moving average price of $11.47 and a 200-day moving average price of $10.08.
Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.07. The business had revenue of $576.50 million during the quarter, compared to the consensus estimate of $567.66 million. Gates Industrial had a net margin of 2.47% and a return on equity of 6.38%. The company's quarterly revenue was down 28.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.26 earnings per share. On average, analysts forecast that Gates Industrial will post 0.44 earnings per share for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in shares of Gates Industrial by 1.4% during the second quarter. California State Teachers Retirement System now owns 77,006 shares of the company's stock valued at $792,000 after purchasing an additional 1,080 shares during the period. Bank of Montreal Can raised its stake in shares of Gates Industrial by 114.9% during the second quarter. Bank of Montreal Can now owns 3,069 shares of the company's stock valued at $30,000 after purchasing an additional 1,641 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Gates Industrial during the second quarter valued at approximately $29,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Gates Industrial by 69.0% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 11,262 shares of the company's stock valued at $116,000 after purchasing an additional 4,600 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Gates Industrial by 6.2% during the second quarter. Bank of New York Mellon Corp now owns 124,529 shares of the company's stock valued at $1,280,000 after purchasing an additional 7,292 shares during the period. Institutional investors own 99.96% 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.
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