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

Gates Industrial Corp PLC (NYSE:GTES) has earned a consensus rating of “Moderate Buy” from the ten analysts that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $23.00.

Several research firms have issued reports on GTES. Jefferies Financial Group lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. KeyCorp lifted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Citigroup cut their price target 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. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Finally, The Goldman Sachs Group upped their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently bought and sold shares of GTES. State Street Corp grew its holdings 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 valued at $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Gates Industrial by 1,185.0% during the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock worth $69,187,000 after buying an additional 3,101,738 shares during the last quarter. Norges Bank acquired a new stake in Gates Industrial in the fourth quarter worth $56,520,000. Zimmer Partners LP lifted its stake in Gates Industrial by 141.2% in the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after buying an additional 2,466,543 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Gates Industrial by 138.0% in the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock valued at $68,159,000 after buying an additional 2,220,277 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

GTES opened at $22.19 on Thursday. Gates Industrial has a twelve month low of $12.41 and a twelve month high of $23.34. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 30.40 and a beta of 1.37. 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 company has a fifty day simple moving average of $21.02 and a 200 day simple moving average of $19.40.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. Equities research analysts expect 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.