Gates Industrial (NYSE:GTES) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research note issued on Monday, Zacks.com reports.
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. "
GTES has been the topic of several other reports. TheStreet upgraded Gates Industrial from a "d" rating to a "c" rating in a research note on Monday, January 25th. Credit Suisse Group boosted their price objective on Gates Industrial from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Tuesday, February 9th. Barclays raised their target price on Gates Industrial from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 6th. Citigroup boosted their price target on shares of Gates Industrial from $18.00 to $22.00 in a report on Tuesday, February 9th. Finally, KeyCorp raised their price objective on shares of Gates Industrial from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Monday. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of "Buy" and a consensus target price of $18.75.
NYSE:GTES traded up $0.17 during midday trading on Monday, reaching $17.40. The stock had a trading volume of 574,910 shares, compared to its average volume of 794,406. The stock has a market capitalization of $5.05 billion, a P/E ratio of 69.60 and a beta of 1.87. The firm's fifty day simple moving average is $16.35 and its 200-day simple moving average is $14.20. Gates Industrial has a 1-year low of $6.82 and a 1-year high of $18.22. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.13 and a quick ratio of 2.39.
Gates Industrial (NYSE:GTES) last announced its earnings results on Sunday, February 7th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.01. The firm had revenue of $794.30 million during the quarter, compared to the consensus estimate of $722.59 million. Gates Industrial had a return on equity of 6.84% and a net margin of 2.73%. The firm's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 EPS. On average, equities research analysts anticipate that Gates Industrial will post 0.63 earnings per share for the current fiscal year.
In other Gates Industrial news, major shareholder Aggregator (Cayman) L.P. Omaha sold 25,300,000 shares of the business's stock in a transaction dated Tuesday, March 2nd. The shares were sold at an average price of $14.40, for a total value of $364,320,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.76% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Gates Industrial by 8.1% in the fourth quarter. BlackRock Inc. now owns 2,075,429 shares of the company's stock worth $26,482,000 after purchasing an additional 154,732 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Gates Industrial by 23.5% during the 4th quarter. Handelsbanken Fonder AB now owns 1,050,000 shares of the company's stock worth $13,398,000 after buying an additional 200,000 shares in the last quarter. Kennedy Capital Management Inc. grew its holdings in Gates Industrial by 7.8% during the 4th quarter. Kennedy Capital Management Inc. now owns 857,713 shares of the company's stock worth $10,944,000 after acquiring an additional 62,301 shares during the last quarter. Confluence Investment Management LLC increased its position in Gates Industrial by 3.8% in the 1st quarter. Confluence Investment Management LLC now owns 708,094 shares of the company's stock valued at $11,322,000 after acquiring an additional 26,213 shares in the last quarter. Finally, Sapience Investments LLC raised its stake in shares of Gates Industrial by 3.0% in the fourth quarter. Sapience Investments LLC now owns 586,625 shares of the company's stock worth $7,485,000 after acquiring an additional 17,240 shares during the last quarter. 99.87% of the stock is owned by hedge funds and other 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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