Gates Industrial Corp PLC (NYSE:GTES) Receives Average Recommendation of “Moderate Buy” from Analysts

Gates Industrial Corp PLC (NYSE:GTES) has received an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $24.00.

A number of research firms recently weighed in on GTES. The Goldman Sachs Group decreased their price target on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Evercore ISI raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. KeyCorp boosted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Barclays decreased their price objective on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, March 26th. Finally, Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th.

Gates Industrial Stock Performance

Shares of GTES opened at $16.89 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The firm’s 50 day moving average is $20.58 and its 200-day moving average is $20.17. Gates Industrial has a 12-month low of $15.14 and a 12-month high of $23.85. The stock has a market capitalization of $4.31 billion, a P/E ratio of 23.13 and a beta of 1.24.

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

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Gates Industrial

A number of institutional investors have recently added to or reduced their stakes in GTES. FMR LLC raised its holdings in shares of Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. State Street Corp increased its position in Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after buying an additional 3,459,450 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Gates Industrial by 1,185.0% during the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock valued at $69,187,000 after buying an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock worth $74,247,000 after buying an additional 3,046,064 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Gates Industrial during the 4th quarter worth about $56,520,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

About Gates Industrial

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.