Gates Industrial Corp PLC (NYSE:GTES) Given Average Rating of “Hold” by Analysts

Gates Industrial Corp PLC (NYSE:GTES) has been assigned a consensus recommendation of “Hold” from the eight brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $17.40.

Several research firms recently commented on GTES. Goldman Sachs Group set a GBX 6,870 ($89.77) price target on Reckitt Benckiser Group and gave the stock a “neutral” rating in a research report on Tuesday, June 25th. ValuEngine lowered Welbilt from a “hold” rating to a “sell” rating in a research report on Wednesday, June 12th. Barclays reiterated a “hold” rating and issued a $23.00 price target on shares of Cypress Semiconductor in a research report on Thursday, June 6th. Zacks Investment Research upgraded General Moly from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, TheStreet lowered Viavi Solutions from a “b-” rating to a “c+” rating in a research report on Monday, June 3rd.

In other Gates Industrial news, COO Walter Lifsey bought 76,050 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was acquired at an average price of $13.08 per share, for a total transaction of $994,734.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Grant Gawronski purchased 5,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were bought at an average cost of $13.08 per share, with a total value of $65,400.00. The disclosure for this purchase can be found here. Insiders have acquired 82,050 shares of company stock valued at $1,073,474 in the last 90 days. Company insiders own 0.68% of the company’s stock.

Several institutional investors have recently bought and sold shares of GTES. Norges Bank bought a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $20,847,000. JPMorgan Chase & Co. raised its stake in shares of Gates Industrial by 7.9% during the first quarter. JPMorgan Chase & Co. now owns 4,766,996 shares of the company’s stock valued at $68,359,000 after acquiring an additional 350,823 shares in the last quarter. Handelsbanken Fonder AB bought a new stake in shares of Gates Industrial during the first quarter valued at approximately $4,732,000. Federated Investors Inc. PA raised its stake in shares of Gates Industrial by 31.3% during the first quarter. Federated Investors Inc. PA now owns 760,000 shares of the company’s stock valued at $10,898,000 after acquiring an additional 181,300 shares in the last quarter. Finally, Kennedy Capital Management Inc. raised its stake in shares of Gates Industrial by 58.8% during the first quarter. Kennedy Capital Management Inc. now owns 474,361 shares of the company’s stock valued at $6,802,000 after acquiring an additional 175,633 shares in the last quarter.

GTES traded up $0.53 on Friday, hitting $11.22. The company had a trading volume of 653,986 shares, compared to its average volume of 433,798. The firm has a market cap of $3.02 billion, a P/E ratio of 8.78 and a beta of 1.89. Gates Industrial has a 12-month low of $10.30 and a 12-month high of $20.29. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.99 and a current ratio of 2.86. The company’s fifty day moving average is $11.20.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.01). The company had revenue of $804.90 million during the quarter, compared to analysts’ expectations of $844.21 million. Gates Industrial had a return on equity of 15.57% and a net margin of 25.29%. The company’s revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.25 EPS. On average, sell-side analysts anticipate that Gates Industrial will post 1.17 EPS for the current year.

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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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