Barclays Reaffirms Hold Rating for Gates Industrial (GTES)

Barclays reiterated their hold rating on shares of Gates Industrial (NYSE:GTES) in a report released on Friday, May 4th. They currently have a $19.00 price objective on the stock.

Several other equities analysts have also commented on the stock. KeyCorp assumed coverage on shares of Gates Industrial in a research report on Tuesday, February 20th. They issued an overweight rating and a $22.00 price objective for the company. Citigroup assumed coverage on shares of Gates Industrial in a research report on Tuesday, February 20th. They set a buy rating and a $23.00 price target for the company. UBS assumed coverage on shares of Gates Industrial in a research report on Tuesday, February 20th. They set a buy rating and a $22.00 price target for the company. Royal Bank of Canada reissued a buy rating and set a $24.00 price target on shares of Gates Industrial in a research report on Wednesday, March 14th. Finally, Morgan Stanley began coverage on shares of Gates Industrial in a research note on Tuesday, February 20th. They set an overweight rating and a $24.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $22.00.

NYSE GTES opened at $15.57 on Friday. The company has a current ratio of 2.52, a quick ratio of 1.80 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $4.48 billion and a PE ratio of 18.99. Gates Industrial has a 12 month low of $15.67 and a 12 month high of $15.92.

Gates Industrial (NYSE:GTES) last issued its earnings results on Wednesday, May 2nd. The company reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.06. The business had revenue of $852.00 million for the quarter, compared to the consensus estimate of $815.95 million. equities research analysts anticipate that Gates Industrial will post 1.05 earnings per share for the current year.

In related news, insider Ivo Jurek purchased 10,000 shares of Gates Industrial stock in a transaction dated Monday, May 7th. The shares were acquired at an average price of $15.03 per share, for a total transaction of $150,300.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. UBS Group AG acquired a new position in Gates Industrial in the 1st quarter valued at about $788,000. Champlain Investment Partners LLC acquired a new position in shares of Gates Industrial during the first quarter worth about $74,919,000. Citadel Advisors LLC acquired a new position in shares of Gates Industrial during the first quarter worth about $9,303,000. OppenheimerFunds Inc. acquired a new position in shares of Gates Industrial during the first quarter worth about $14,008,000. Finally, Stifel Financial Corp acquired a new position in shares of Gates Industrial during the first quarter worth about $2,426,000. Hedge funds and other institutional investors own 3.24% 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.

Analyst Recommendations for Gates Industrial (NYSE:GTES)

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