Wall Street Zen Upgrades Gates Industrial (NYSE:GTES) to Strong-Buy

Gates Industrial (NYSE:GTES) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

A number of other brokerages have also commented on GTES. JPMorgan Chase & Co. assumed coverage on shares of Gates Industrial in a research report on Monday, August 25th. They set an “overweight” rating and a $35.00 price objective for the company. Barclays reaffirmed an “overweight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. Zacks Research raised Gates Industrial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 20th. KeyCorp restated an “overweight” rating and issued a $30.00 target price (up from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Finally, UBS Group boosted their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average target price of $28.18.

Gates Industrial Trading Up 0.0%

Gates Industrial stock opened at $25.75 on Friday. Gates Industrial has a 52 week low of $14.70 and a 52 week high of $26.42. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The firm has a market capitalization of $6.63 billion, a PE ratio of 33.02 and a beta of 1.25. The business’s 50-day simple moving average is $25.04 and its 200-day simple moving average is $22.34.

Gates Industrial (NYSE:GTES) last announced its 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. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The business had revenue of $883.70 million for the quarter, compared to analyst estimates of $873.34 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. Gates Industrial’s revenue was down .2% compared to the same quarter last year. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Equities research analysts forecast that Gates Industrial will post 1.36 earnings per share for the current year.

Institutional Investors Weigh In On Gates Industrial

A number of hedge funds have recently made changes to their positions in GTES. Wealth Enhancement Advisory Services LLC boosted its position in Gates Industrial by 4.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company’s stock valued at $767,000 after buying an additional 1,845 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Gates Industrial by 81.0% in the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company’s stock valued at $168,000 after acquiring an additional 4,073 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Gates Industrial by 4.5% in the 1st quarter. QRG Capital Management Inc. now owns 38,085 shares of the company’s stock worth $701,000 after acquiring an additional 1,626 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of Gates Industrial by 1.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company’s stock worth $1,443,000 after acquiring an additional 1,015 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Gates Industrial by 15.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company’s stock worth $2,227,000 after acquiring an additional 16,224 shares during the last quarter. Institutional investors and hedge funds own 98.50% 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.