Gates Industrial (NYSE:GTES) Now Covered by JPMorgan Chase & Co.

Investment analysts at JPMorgan Chase & Co. initiated coverage on shares of Gates Industrial (NYSE:GTES) in a report released on Monday,Benzinga reports. The brokerage set an “overweight” rating and a $35.00 price target on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 38.59% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Zacks Research upgraded Gates Industrial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 20th. Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 12th. Barclays reiterated an “overweight” rating and set a $28.00 price target (up previously from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Morgan Stanley decreased their target price on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Finally, Royal Bank Of Canada raised their target price on Gates Industrial from $28.00 to $29.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $27.50.

Gates Industrial Stock Performance

Shares of GTES stock opened at $25.2550 on Monday. The company has a market capitalization of $6.51 billion, a P/E ratio of 32.38 and a beta of 1.24. The business’s 50 day moving average is $23.99 and its two-hundred day moving average is $21.42. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66. Gates Industrial has a 12-month low of $14.70 and a 12-month high of $25.66.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.Gates Industrial’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Gates Industrial during the second quarter worth $80,713,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Gates Industrial by 540.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock worth $74,247,000 after acquiring an additional 3,046,064 shares during the last quarter. Jennison Associates LLC increased its stake in Gates Industrial by 30.5% during the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock worth $127,386,000 after acquiring an additional 1,618,598 shares during the last quarter. Driehaus Capital Management LLC increased its stake in Gates Industrial by 4,976.3% during the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock worth $29,573,000 after acquiring an additional 1,574,701 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Gates Industrial by 209.9% during the fourth quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company’s stock worth $43,651,000 after acquiring an additional 1,437,281 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.