Gates Industrial (NYSE:GTES) Now Covered by Analysts at Morgan Stanley

Morgan Stanley initiated coverage on shares of Gates Industrial (NYSE:GTES) in a research report report published on Friday morning, MarketBeat reports. The firm issued an equal weight rating and a $19.00 target price on the stock.

A number of other research analysts also recently weighed in on GTES. Royal Bank of Canada raised Gates Industrial from a sector perform rating to an outperform rating and increased their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. Barclays reduced their price objective on Gates Industrial from $17.00 to $16.00 and set an equal weight rating for the company in a research note on Tuesday, June 4th. The Goldman Sachs Group boosted their price target on Gates Industrial from $18.00 to $20.00 and gave the company a neutral rating in a report on Thursday, August 1st. Evercore ISI raised their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an in-line rating in a research note on Monday, August 19th. Finally, Robert W. Baird cut their price objective on Gates Industrial from $26.00 to $22.00 and set an outperform rating for the company in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Gates Industrial currently has an average rating of Moderate Buy and an average target price of $19.40.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $16.32 on Friday. The firm’s 50-day moving average is $16.93 and its 200 day moving average is $16.78. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of 17.93 and a beta of 1.44. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $19.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The firm had revenue of $885.50 million for the quarter, compared to the consensus estimate of $893.00 million. Sell-side analysts anticipate that Gates Industrial will post 1.22 EPS for the current fiscal year.

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely acquired 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost of $16.80 per share, with a total value of $200,793.60. Following the purchase, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Swiss National Bank lifted its position in shares of Gates Industrial by 18.4% during the first quarter. Swiss National Bank now owns 339,000 shares of the company’s stock worth $6,004,000 after purchasing an additional 52,800 shares during the last quarter. Park Avenue Securities LLC boosted its position in Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock valued at $1,043,000 after buying an additional 41,762 shares during the period. First Hawaiian Bank purchased a new stake in Gates Industrial in the 2nd quarter valued at about $520,000. Jennison Associates LLC bought a new position in Gates Industrial in the 1st quarter worth about $15,791,000. Finally, Acadian Asset Management LLC increased its position in shares of Gates Industrial by 799.6% during the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock worth $585,000 after acquiring an additional 29,394 shares during the period. Hedge funds and other 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.