Gates Industrial (NYSE:GTES) Reaches New 12-Month High Following Analyst Upgrade

Gates Industrial Corporation PLC (NYSE:GTES)’s stock price hit a new 52-week high during trading on Tuesday after Citigroup raised their price target on the stock from $22.00 to $29.00. Citigroup currently has a buy rating on the stock. Gates Industrial traded as high as $24.95 and last traded at $24.77, with a volume of 194265 shares changing hands. The stock had previously closed at $24.61.

Other research analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday. The Goldman Sachs Group raised their target price on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. KeyCorp boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Morgan Stanley reduced their price objective on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Finally, Royal Bank Of Canada boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.44.

Hedge Funds Weigh In On Gates Industrial

Institutional investors and hedge funds have recently bought and sold shares of the company. GeoWealth Management LLC grew its holdings in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the last quarter. SVB Wealth LLC acquired a new stake in Gates Industrial during the 1st quarter worth approximately $34,000. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial during the 4th quarter worth approximately $43,000. MetLife Investment Management LLC increased its position in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after acquiring an additional 567 shares during the period. Finally, Avanza Fonder AB bought a new position in shares of Gates Industrial during the first quarter valued at $145,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Trading Down 0.9%

The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35. The company has a market cap of $6.29 billion, a price-to-earnings ratio of 29.76 and a beta of 1.22. The business’s fifty day moving average price is $22.30 and its 200 day moving average price is $20.63.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 EPS. Research analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

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.