Gates Industrial Corp PLC (NYSE:GTES) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Gates Industrial Corp PLC (NYSE:GTES) have earned a consensus recommendation of “Moderate Buy” from the ten analysts that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $20.40.

Several brokerages recently issued reports on GTES. Evercore ISI lifted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. KeyCorp lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Morgan Stanley started coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price on the stock. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Finally, Barclays boosted their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently made changes to their positions in GTES. Allspring Global Investments Holdings LLC raised its position in shares of Gates Industrial by 2.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares during the period. FMR LLC raised its position in shares of Gates Industrial by 4.5% during the third quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after purchasing an additional 562,643 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after purchasing an additional 1,037,741 shares during the period. State Street Corp raised its position in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after purchasing an additional 3,459,450 shares during the period. Finally, Zimmer Partners LP raised its position in shares of Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after purchasing an additional 2,466,543 shares during the period. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Up 0.1 %

Shares of NYSE GTES opened at $22.43 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial has a 52 week low of $11.22 and a 52 week high of $22.56. The stock has a market capitalization of $5.71 billion, a P/E ratio of 27.02 and a beta of 1.38. The stock’s fifty day moving average is $19.62 and its 200 day moving average is $17.85.

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.