Wall Street Zen Downgrades Gates Industrial (NYSE:GTES) to Buy

Gates Industrial (NYSE:GTES - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Friday.

GTES has been the subject of several other research reports. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Evercore ISI lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Morgan Stanley decreased their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. KeyCorp lifted their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Barclays lifted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $22.89.

Gates Industrial Trading Up 1.0%

NYSE GTES traded up $0.23 during trading on Friday, hitting $21.72. The stock had a trading volume of 869,338 shares, compared to its average volume of 2,857,053. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 29.75 and a beta of 1.23. Gates Industrial has a one year low of $14.70 and a one year high of $23.85. The stock has a 50 day simple moving average of $19.36 and a 200 day simple moving average of $20.39.

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 the consensus estimate of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The firm had revenue of $847.60 million during the quarter, compared to the consensus estimate of $823.56 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company's revenue was down 1.7% on a year-over-year basis. Sell-side analysts predict that Gates Industrial will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Gates Industrial

Large investors have recently bought and sold shares of the business. Tectonic Advisors LLC grew its holdings in Gates Industrial by 3.6% in the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company's stock worth $429,000 after purchasing an additional 724 shares during the last quarter. Choreo LLC grew its holdings in Gates Industrial by 18.9% in the fourth quarter. Choreo LLC now owns 14,329 shares of the company's stock worth $292,000 after purchasing an additional 2,281 shares during the last quarter. Empirical Finance LLC purchased a new position in Gates Industrial in the fourth quarter worth $635,000. Savant Capital LLC grew its holdings in Gates Industrial by 1.3% in the fourth quarter. Savant Capital LLC now owns 124,913 shares of the company's stock worth $2,569,000 after purchasing an additional 1,629 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in Gates Industrial by 67.4% in the fourth quarter. Summit Trail Advisors LLC now owns 39,376 shares of the company's stock worth $810,000 after purchasing an additional 15,854 shares during the last quarter. 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.

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