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

Gates Industrial Corp PLC (NYSE:GTES) has received a consensus rating of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $18.00.

A number of research firms have weighed in on GTES. Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target for the company in a research note on Friday, March 8th. KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 target price for the company in a research note on Thursday, February 22nd. The Goldman Sachs Group lifted their target price on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Citigroup lifted their target price on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Finally, Jefferies Financial Group started coverage on Gates Industrial in a research note on Thursday, February 29th. They set a “buy” rating and a $21.00 target price for the company.

Gates Industrial Stock Down 1.8 %

GTES stock opened at $17.45 on Friday. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average price of $16.42 and a two-hundred day moving average price of $13.76. The company has a market cap of $4.61 billion, a price-to-earnings ratio of 20.52 and a beta of 1.57. Gates Industrial has a twelve month low of $10.68 and a twelve month high of $17.86.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. The firm had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. Analysts anticipate that Gates Industrial will post 1.32 EPS for the current fiscal year.

Insider Activity at Gates Industrial

In other news, Director Wilson S. Neely purchased 10,000 shares of Gates Industrial stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the purchase, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Wilson S. Neely purchased 10,000 shares of Gates Industrial stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the purchase, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Neil P. Simpkins purchased 1,000,000 shares of Gates Industrial stock in a transaction that occurred on Friday, February 16th. The stock was purchased at an average price of $12.20 per share, with a total value of $12,200,000.00. Following the completion of the purchase, the director now directly owns 1,000,000 shares in the company, valued at $12,200,000. The disclosure for this purchase can be found here. Insiders bought 1,030,492 shares of company stock worth $12,582,402 in the last ninety days. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates raised its holdings in Gates Industrial by 54.8% in the 1st quarter. Raymond James & Associates now owns 309,602 shares of the company’s stock valued at $5,483,000 after acquiring an additional 109,664 shares in the last quarter. Legacy Wealth Asset Management LLC acquired a new position in Gates Industrial in the 1st quarter valued at $199,000. Uncommon Cents Investing LLC raised its holdings in Gates Industrial by 11.4% in the 1st quarter. Uncommon Cents Investing LLC now owns 19,980 shares of the company’s stock valued at $354,000 after acquiring an additional 2,045 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Gates Industrial by 19.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock valued at $261,235,000 after acquiring an additional 2,450,526 shares in the last quarter. Finally, Oak Thistle LLC acquired a new position in Gates Industrial in the 1st quarter valued at $414,000. 98.50% of the stock is owned by institutional investors and hedge funds.

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.