Gates Industrial (NYSE:GTES) Downgraded by Credit Suisse Group to “Neutral”

Gates Industrial (NYSE:GTES) was downgraded by equities research analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a report released on Tuesday, Analyst Ratings Network reports. They presently have a $15.00 price target on the stock, up from their previous price target of $13.00. Credit Suisse Group’s target price suggests a potential upside of 8.38% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Morgan Stanley upped their price target on shares of Gates Industrial from $13.00 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday, November 4th. Zacks Investment Research cut shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 6th. UBS Group raised shares of Gates Industrial from a “neutral” rating to a “buy” rating and upped their price target for the stock from $12.00 to $15.00 in a research report on Tuesday, October 13th. BidaskClub cut shares of Gates Industrial from a “buy” rating to a “hold” rating in a research report on Wednesday, December 30th. Finally, KeyCorp upped their price target on shares of Gates Industrial from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 18th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Gates Industrial presently has an average rating of “Hold” and an average price target of $13.94.

Shares of NYSE GTES opened at $13.84 on Tuesday. Gates Industrial has a 52-week low of $5.42 and a 52-week high of $14.30. The firm has a fifty day moving average of $13.22 and a 200-day moving average of $11.88. The stock has a market capitalization of $4.02 billion, a PE ratio of 55.36 and a beta of 1.89. The company has a quick ratio of 2.39, a current ratio of 3.13 and a debt-to-equity ratio of 1.03.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. Gates Industrial had a net margin of 2.73% and a return on equity of 6.84%. The firm had revenue of $712.20 million during the quarter, compared to analysts’ expectations of $679.08 million. During the same period in the prior year, the company earned $0.22 EPS. The firm’s revenue was down 4.6% on a year-over-year basis. Equities research analysts expect that Gates Industrial will post 0.63 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of GTES. Point72 Hong Kong Ltd acquired a new position in Gates Industrial in the 2nd quarter worth $29,000. Bank of Montreal Can raised its stake 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 valued at $30,000 after purchasing an additional 1,641 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Gates Industrial by 41.6% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 5,755 shares of the company’s stock valued at $64,000 after purchasing an additional 1,690 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Gates Industrial by 141.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,790 shares of the company’s stock valued at $87,000 after purchasing an additional 4,558 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake 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 valued at $116,000 after purchasing an additional 4,600 shares in the last quarter. Hedge funds and other institutional investors own 99.56% of the company’s stock.

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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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