Gates Industrial (NYSE:GTES) had its price target lifted by investment analysts at Morgan Stanley from $9.00 to $11.00 in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 8.48% from the stock's current price.
Several other brokerages have also issued reports on GTES. Barclays reissued a "hold" rating on shares of Gates Industrial in a research report on Thursday, May 7th. Royal Bank of Canada reissued a "hold" rating and issued a $8.00 target price on shares of Gates Industrial in a research report on Wednesday, May 6th. Zacks Investment Research lowered Gates Industrial from a "hold" rating to a "sell" rating in a research report on Thursday, June 25th. Citigroup decreased their target price on Gates Industrial from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Wednesday, April 1st. Finally, UBS Group raised their price objective on Gates Industrial from $7.50 to $8.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of "Hold" and a consensus price target of $11.83.
GTES opened at $10.14 on Tuesday. The stock has a 50-day moving average price of $10.06 and a 200-day moving average price of $10.50. Gates Industrial has a 12-month low of $5.42 and a 12-month high of $14.30. The company has a current ratio of 2.99, a quick ratio of 2.27 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $2.86 billion, a P/E ratio of 26.68 and a beta of 2.06.
Gates Industrial (NYSE:GTES) last issued its earnings results on Tuesday, May 5th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.05. The company had revenue of $710.10 million during the quarter, compared to analysts' expectations of $711.28 million. Gates Industrial had a return on equity of 8.44% and a net margin of 3.74%. Gates Industrial's quarterly revenue was down 11.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.28 EPS. On average, equities research analysts predict that Gates Industrial will post 0.29 EPS for the current year.
In other news, major shareholder Aggregator (Cayman) L.P. Omaha bought 100,300 shares of Gates Industrial stock in a transaction dated Monday, May 18th. The shares were purchased at an average cost of $9.54 per share, with a total value of $956,862.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Blackstone Group Inc acquired 69,000 shares of Gates Industrial stock in a transaction on Friday, May 8th. The shares were bought at an average cost of $8.67 per share, for a total transaction of $598,230.00. The disclosure for this purchase can be found here. Insiders bought 703,300 shares of company stock worth $6,325,504 over the last ninety days. Insiders own 0.76% of the company's stock.
A number of hedge funds and other institutional investors have recently modified their holdings of GTES. Prudential Financial Inc. boosted its holdings in shares of Gates Industrial by 28.1% in the fourth quarter. Prudential Financial Inc. now owns 2,131,361 shares of the company's stock valued at $29,328,000 after purchasing an additional 467,512 shares during the period. BlackRock Inc. increased its position in shares of Gates Industrial by 2.0% during the first quarter. BlackRock Inc. now owns 2,005,703 shares of the company's stock worth $14,801,000 after purchasing an additional 39,832 shares in the last quarter. Invesco Ltd. increased its position in shares of Gates Industrial by 1,072.8% in the 1st quarter. Invesco Ltd. now owns 1,539,419 shares of the company's stock valued at $11,360,000 after acquiring an additional 1,408,160 shares during the period. Penn Capital Management Co. Inc. increased its position in shares of Gates Industrial by 2.4% in the 1st quarter. Penn Capital Management Co. Inc. now owns 679,010 shares of the company's stock valued at $5,016,000 after acquiring an additional 16,017 shares during the period. Finally, Confluence Investment Management LLC increased its position in shares of Gates Industrial by 26.1% in the 1st quarter. Confluence Investment Management LLC now owns 648,656 shares of the company's stock valued at $4,787,000 after acquiring an additional 134,437 shares during the period.
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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