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

Gates Industrial Corp PLC (NYSE:GTES) has been given an average rating of “Moderate Buy” by the ten research firms that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $23.00.

Several brokerages have weighed in on GTES. KeyCorp boosted their price target on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Royal Bank of Canada upped their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Citigroup reduced their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $21.00 to $25.00 in a report on Thursday, December 5th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. HighPoint Advisor Group LLC raised its stake in shares of Gates Industrial by 3.2% in the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock valued at $331,000 after acquiring an additional 452 shares during the period. United Services Automobile Association increased its holdings in Gates Industrial by 4.8% in the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock valued at $289,000 after purchasing an additional 646 shares in the last quarter. Tectonic Advisors LLC raised its position in Gates Industrial by 3.6% in the fourth quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock valued at $429,000 after purchasing an additional 724 shares during the period. SRS Capital Advisors Inc. lifted its stake in shares of Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after buying an additional 814 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Stock Down 0.8 %

GTES opened at $22.19 on Thursday. The firm has a market cap of $5.65 billion, a P/E ratio of 30.40 and a beta of 1.37. The business’s fifty day simple moving average is $21.02 and its 200 day simple moving average is $19.40. Gates Industrial has a 52 week low of $12.41 and a 52 week high of $23.34. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. As a group, equities research analysts anticipate that Gates Industrial will post 1.4 EPS for the current fiscal year.

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.