Gates Industrial Corp PLC (NYSE:GTES) Given Consensus Recommendation of “Moderate Buy” by Analysts

Gates Industrial Corp PLC (NYSE:GTES) has been assigned an average recommendation of “Moderate Buy” from the ten analysts that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $23.90.

GTES has been the subject of several research analyst reports. Citigroup lowered their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Barclays upped their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 14th. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Royal Bank of Canada increased their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, KeyCorp increased 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.

Gates Industrial Trading Up 1.0 %

NYSE GTES opened at $23.53 on Thursday. The firm has a 50 day moving average of $21.06 and a two-hundred day moving average of $19.58. Gates Industrial has a 52 week low of $13.17 and a 52 week high of $23.85. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $6.01 billion, a PE ratio of 32.24 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, research analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

A number of large investors have recently made changes to their positions in GTES. Sanctuary Advisors LLC purchased a new position in shares of Gates Industrial in the 2nd quarter valued at about $563,000. GAMMA Investing LLC increased its holdings in shares of Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares in the last quarter. CWM LLC increased its holdings in shares of Gates Industrial by 45.1% in the 3rd quarter. CWM LLC now owns 57,192 shares of the company’s stock valued at $1,004,000 after purchasing an additional 17,785 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Gates Industrial by 4.1% in the 3rd quarter. Exchange Traded Concepts LLC now owns 91,020 shares of the company’s stock valued at $1,597,000 after purchasing an additional 3,547 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Gates Industrial by 10.1% in the 3rd quarter. Wedge Capital Management L L P NC now owns 174,417 shares of the company’s stock valued at $3,061,000 after purchasing an additional 15,968 shares in the last quarter. Hedge funds and other institutional investors 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.