Gates Industrial (NYSE:GTES) Trading Up 6.6% – Still a Buy?

Gates Industrial Corp PLC (NYSE:GTES)’s share price rose 6.6% on Thursday . The company traded as high as $22.19 and last traded at $22.14. Approximately 723,464 shares changed hands during trading, a decline of 64% from the average daily volume of 2,032,413 shares. The stock had previously closed at $20.77.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on GTES shares. Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. The Goldman Sachs Group increased their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Citigroup cut their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. KeyCorp upped their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Gates Industrial Trading Up 9.4 %

The business has a fifty day moving average price of $20.99 and a two-hundred day moving average price of $19.22. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $5.79 billion, a PE ratio of 27.36 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.94% and a net margin of 6.43%. Analysts expect that Gates Industrial Corp PLC will post 1.26 EPS for the current fiscal year.

Institutional Trading of Gates Industrial

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its holdings in Gates Industrial by 4.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock worth $317,461,000 after buying an additional 616,687 shares during the last quarter. FMR LLC raised its position in shares of Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after acquiring an additional 562,643 shares in the last quarter. State Street Corp lifted its stake in 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 last quarter. Jennison Associates LLC boosted its holdings in Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company’s stock valued at $109,038,000 after purchasing an additional 1,268,716 shares in the last quarter. Finally, GW&K Investment Management LLC increased its stake in Gates Industrial by 25.8% in the fourth quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company’s stock valued at $105,017,000 after purchasing an additional 1,047,946 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Company Profile

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.