Gates Industrial (NYSE:GTES) Reaches New 12-Month Low at $10.33

Shares of Gates Industrial Corp PLC (NYSE:GTESGet Rating) hit a new 52-week low on Thursday . The company traded as low as $10.33 and last traded at $10.41, with a volume of 4327 shares changing hands. The stock had previously closed at $10.72.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GTES. Credit Suisse Group set a $13.00 price target on Gates Industrial in a research report on Tuesday, July 19th. KeyCorp dropped their price target on Gates Industrial from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, July 12th. Citigroup dropped their price target on Gates Industrial from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, August 8th. Barclays decreased their price objective on Gates Industrial from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Friday, July 8th. Finally, Royal Bank of Canada lowered Gates Industrial from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $17.00 to $14.00 in a research note on Wednesday, June 1st. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $13.94.

Gates Industrial Trading Up 2.6 %

The company has a quick ratio of 2.01, a current ratio of 2.91 and a debt-to-equity ratio of 0.80. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 14.38 and a beta of 1.60. The business has a 50 day moving average of $11.52 and a 200 day moving average of $12.93.

Gates Industrial (NYSE:GTESGet Rating) last issued its quarterly earnings results on Friday, August 5th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Gates Industrial had a return on equity of 9.79% and a net margin of 6.24%. The firm had revenue of $906.80 million for the quarter, compared to analyst estimates of $918.39 million. During the same period last year, the company earned $0.42 EPS. The firm’s quarterly revenue was down .9% on a year-over-year basis. On average, research analysts forecast that Gates Industrial Corp PLC will post 1.03 earnings per share for the current fiscal year.

Institutional Trading of Gates Industrial

Hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp acquired a new position in shares of Gates Industrial in the 2nd quarter valued at about $50,000. Quent Capital LLC acquired a new position in shares of Gates Industrial in the 4th quarter valued at about $53,000. Private Capital Group LLC lifted its stake in shares of Gates Industrial by 133.1% in the 1st quarter. Private Capital Group LLC now owns 3,785 shares of the company’s stock valued at $57,000 after purchasing an additional 2,161 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Gates Industrial by 19.8% in the 4th quarter. SG Americas Securities LLC now owns 7,539 shares of the company’s stock valued at $120,000 after purchasing an additional 1,247 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new position in shares of Gates Industrial in the 2nd quarter valued at about $121,000.

About Gates Industrial

(Get Rating)

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.

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