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

Shares of Gates Industrial Corp PLC (NYSE:GTESGet Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are presently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $19.13.

Several equities research analysts have issued reports on the company. Robert W. Baird lifted their price target on Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Barclays dropped their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Citigroup lifted their price target on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Evercore ISI lifted their price target on Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group assumed coverage on Gates Industrial in a research note on Thursday, February 29th. They set a “buy” rating and a $21.00 price target for the company.

View Our Latest Research Report on GTES

Insider Activity

In other news, major shareholder Blackstone Inc. sold 20,125,000 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the completion of the sale, the insider now owns 77,326 shares of the company’s stock, valued at approximately $1,262,733.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. EMC Capital Management purchased a new position in Gates Industrial during the 1st quarter valued at about $203,000. KLCM Advisors Inc. grew its holdings in shares of Gates Industrial by 59.2% during the 1st quarter. KLCM Advisors Inc. now owns 1,077,505 shares of the company’s stock worth $19,083,000 after acquiring an additional 400,732 shares during the period. Castleark Management LLC purchased a new position in shares of Gates Industrial during the 1st quarter worth approximately $2,761,000. Tidal Investments LLC grew its holdings in shares of Gates Industrial by 11.3% during the 1st quarter. Tidal Investments LLC now owns 53,384 shares of the company’s stock worth $945,000 after acquiring an additional 5,402 shares during the period. Finally, California State Teachers Retirement System grew its holdings in shares of Gates Industrial by 15.8% during the 1st quarter. California State Teachers Retirement System now owns 171,137 shares of the company’s stock worth $3,031,000 after acquiring an additional 23,291 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

NYSE:GTES opened at $16.63 on Friday. The firm has a market capitalization of $4.35 billion, a price-to-earnings ratio of 18.27 and a beta of 1.43. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $17.99. The stock has a fifty day moving average of $17.13 and a 200 day moving average of $15.14. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06.

Gates Industrial (NYSE:GTESGet Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $862.60 million during the quarter, compared to analyst estimates of $866.00 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. On average, research analysts expect that Gates Industrial will post 1.32 EPS for the current fiscal year.

About Gates Industrial

(Get Free Report

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.

Further Reading

Analyst Recommendations for Gates Industrial (NYSE:GTES)

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