Gates Industrial (NYSE:GTES) Stock Rating Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Gates Industrial (NYSE:GTES) from a strong-buy rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

A number of other research analysts also recently commented on the stock. Weiss Ratings raised shares of Gates Industrial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Citigroup upped their price objective on shares of Gates Industrial from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. DA Davidson initiated coverage on Gates Industrial in a report on Tuesday, September 1st. They set a “neutral” rating and a $29.00 price objective on the stock. Wells Fargo & Company lifted their target price on Gates Industrial from $26.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Finally, KeyCorp upped their target price on Gates Industrial from $31.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.45.

Gates Industrial Price Performance

GTES stock opened at $26.65 on Friday. The business has a 50 day moving average price of $26.72 and a 200 day moving average price of $26.03. The stock has a market cap of $6.75 billion, a price-to-earnings ratio of 18.90 and a beta of 1.28. Gates Industrial has a fifty-two week low of $20.88 and a fifty-two week high of $30.34. The company has a quick ratio of 2.36, a current ratio of 3.24 and a debt-to-equity ratio of 0.58.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Friday, July 31st. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. Gates Industrial had a net margin of 10.37% and a return on equity of 10.11%. The company had revenue of $941.60 million for the quarter, compared to analyst estimates of $927.28 million. During the same period in the prior year, the firm posted $0.39 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. Gates Industrial has set its FY 2026 guidance at 1.620-1.700 EPS. Equities research analysts anticipate that Gates Industrial will post 1.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Peifang Zhang sold 6,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $29.56, for a total value of $177,360.00. Following the completion of the sale, the director directly owned 44,044 shares of the company’s stock, valued at approximately $1,301,940.64. This represents a 11.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds and other institutional investors have recently made changes to their positions in GTES. QRG Capital Management Inc. raised its stake in Gates Industrial by 16.4% during the 2nd quarter. QRG Capital Management Inc. now owns 16,947 shares of the company’s stock valued at $474,000 after acquiring an additional 2,382 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Gates Industrial by 93.1% in the second quarter. Sequoia Financial Advisors LLC now owns 34,116 shares of the company’s stock valued at $954,000 after purchasing an additional 16,451 shares during the period. Tidal Investments LLC raised its stake in shares of Gates Industrial by 2.6% during the second quarter. Tidal Investments LLC now owns 597,076 shares of the company’s stock worth $16,700,000 after purchasing an additional 15,203 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Gates Industrial during the second quarter worth $120,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Gates Industrial by 848.5% during the second quarter. NewEdge Advisors LLC now owns 8,527 shares of the company’s stock worth $239,000 after purchasing an additional 7,628 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Company Profile

Gates Industrial Corporation plc (NYSE: GTES) is a global manufacturer of engineered power transmission and fluid power products. The company develops and supplies belts, hoses, hydraulic components, and related systems used to transfer power, control motion, and manage the flow of fluids in industrial and mobile equipment.

Its products serve a broad range of markets, including automotive and industrial aftermarket, construction, agriculture, energy, manufacturing, transportation, and other applications requiring durable motion and fluid-management solutions.