Gates Industrial Corp PLC (NYSE:GTES) Receives $12.33 Average PT from Analysts

Gates Industrial Corp PLC (NYSE:GTES) has received an average rating of “Buy” from the ten ratings firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $12.33.

A number of brokerages recently commented on GTES. KeyCorp boosted their target price on Gates Industrial from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Friday, August 28th. Zacks Investment Research upgraded Gates Industrial from a “sell” rating to a “buy” rating and set a $11.00 price target for the company in a research note on Wednesday, July 8th. Barclays lifted their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday, September 15th. Citigroup lifted their price target on Gates Industrial from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Credit Suisse Group lifted their price target on Gates Industrial from $11.00 to $13.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th.

Several institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new stake in shares of Gates Industrial in the 2nd quarter worth about $29,000. Bank of Montreal Can increased its holdings in shares of Gates Industrial by 114.9% in the 2nd quarter. Bank of Montreal Can now owns 3,069 shares of the company’s stock worth $30,000 after buying an additional 1,641 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Gates Industrial by 69.0% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 11,262 shares of the company’s stock worth $116,000 after buying an additional 4,600 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of Gates Industrial in the 1st quarter worth about $101,000. Finally, Jane Street Group LLC bought a new stake in shares of Gates Industrial in the 2nd quarter worth about $143,000. 99.96% of the stock is currently owned by hedge funds and other institutional investors.

GTES stock opened at $11.13 on Friday. The stock has a 50-day moving average price of $11.55 and a 200-day moving average price of $9.79. Gates Industrial has a 1-year low of $5.42 and a 1-year high of $14.30. The company has a current ratio of 3.11, a quick ratio of 2.32 and a debt-to-equity ratio of 1.10. The firm has a market cap of $3.23 billion, a PE ratio of 48.39 and a beta of 1.99.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.07. Gates Industrial had a return on equity of 6.38% and a net margin of 2.47%. The firm had revenue of $576.50 million during the quarter, compared to analyst estimates of $567.66 million. During the same period last year, the company posted $0.26 EPS. The business’s quarterly revenue was down 28.8% on a year-over-year basis. On average, analysts forecast that Gates Industrial will post 0.44 earnings per share 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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