Analysts Set Gates Industrial Corporation PLC (NYSE:GTES) PT at $27.17

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have received an average recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $27.1667.

GTES has been the subject of a number of analyst reports. Citigroup decreased their price target on Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, October 30th. Zacks Research cut shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Weiss Ratings restated a “hold (c+)” rating on shares of Gates Industrial in a research note on Wednesday, October 8th. Wells Fargo & Company assumed coverage on shares of Gates Industrial in a report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 price target for the company. Finally, Barclays reiterated an “overweight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Monday, August 4th.

Gates Industrial Trading Up 1.6%

NYSE:GTES opened at $21.55 on Friday. The business’s 50-day moving average is $24.32 and its two-hundred day moving average is $23.72. The firm has a market capitalization of $5.57 billion, a PE ratio of 23.68 and a beta of 1.25. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $26.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50.

Gates Industrial (NYSE:GTES) last issued its earnings results on Wednesday, October 29th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Gates Industrial had a return on equity of 10.38% and a net margin of 6.93%.The company had revenue of $855.70 million during the quarter, compared to the consensus estimate of $860.95 million. During the same quarter in the prior year, the business earned $0.33 earnings per share. The company’s revenue was up 3.0% compared to the same quarter last year. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. Research analysts predict that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the transaction, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. The trade was a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.70% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently bought and sold shares of GTES. PNC Financial Services Group Inc. grew its position in shares of Gates Industrial by 89.9% during the first quarter. PNC Financial Services Group Inc. now owns 32,629 shares of the company’s stock worth $601,000 after acquiring an additional 15,444 shares during the last quarter. D.A. Davidson & CO. bought a new position in Gates Industrial in the 2nd quarter worth about $319,000. LPL Financial LLC grew its position in Gates Industrial by 15.7% in the 1st quarter. LPL Financial LLC now owns 179,272 shares of the company’s stock worth $3,300,000 after purchasing an additional 24,356 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Gates Industrial by 9.4% in the first quarter. Cerity Partners LLC now owns 176,961 shares of the company’s stock valued at $3,258,000 after purchasing an additional 15,260 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Gates Industrial during the first quarter valued at approximately $9,781,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

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.