Gates Industrial Corp PLC (NYSE:GTES) Receives Consensus Rating of “Moderate Buy” from Brokerages

Gates Industrial Corp PLC (NYSE:GTES) has received an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $18.00.

A number of research analysts recently issued reports on GTES shares. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research report on Friday, March 8th. Evercore ISI boosted their target price on shares of Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Citigroup upped their price objective on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, Jefferies Financial Group initiated coverage on shares of Gates Industrial in a report on Thursday, February 29th. They set a “buy” rating and a $21.00 price objective on the stock.

Gates Industrial Stock Down 0.5 %

Shares of NYSE GTES opened at $17.18 on Friday. The company has a market capitalization of $4.54 billion, a P/E ratio of 20.21 and a beta of 1.57. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $17.86. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08. The company’s 50 day moving average price is $16.05 and its 200-day moving average price is $13.58.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The company had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. Equities analysts forecast that Gates Industrial will post 1.32 earnings per share for the current year.

Insider Transactions at Gates Industrial

In other news, Director Wilson S. Neely bought 10,000 shares of Gates Industrial stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Wilson S. Neely purchased 10,000 shares of Gates Industrial stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the transaction, the director now owns 56,664 shares in the company, valued at $750,231.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the transaction, the insider now owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The disclosure for this sale can be found here. Insiders bought a total of 1,030,492 shares of company stock worth $12,582,402 in the last quarter. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gates Industrial

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in Gates Industrial by 796.0% during the fourth quarter. SG Americas Securities LLC now owns 88,480 shares of the company’s stock worth $1,187,000 after purchasing an additional 78,605 shares during the period. Auxier Asset Management boosted its position in Gates Industrial by 10.8% during the third quarter. Auxier Asset Management now owns 174,349 shares of the company’s stock worth $2,024,000 after purchasing an additional 17,000 shares during the period. Pacer Advisors Inc. boosted its position in Gates Industrial by 20.9% during the fourth quarter. Pacer Advisors Inc. now owns 3,613,276 shares of the company’s stock worth $48,490,000 after purchasing an additional 624,517 shares during the period. American Century Companies Inc. boosted its position in Gates Industrial by 8.9% during the third quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock worth $88,265,000 after purchasing an additional 620,131 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in Gates Industrial by 28.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock worth $165,069,000 after purchasing an additional 2,697,624 shares during the period. 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.