Gates Industrial Corp PLC (NYSE:GTES) Receives Average Rating of “Hold” from Brokerages

Gates Industrial Corp PLC (NYSE:GTESGet Rating) has been given a consensus rating of “Hold” by the eleven ratings firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $19.29.

GTES has been the topic of a number of recent analyst reports. Citigroup cut their price target on shares of Gates Industrial from $19.00 to $17.00 in a report on Thursday, May 5th. Zacks Investment Research cut shares of Gates Industrial from a “hold” rating to a “sell” rating in a report on Friday, May 13th. Barclays cut their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, April 4th. Morgan Stanley cut their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Thursday, April 7th. Finally, KeyCorp lowered their price objective on shares of Gates Industrial from $22.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 8th.

GTES traded up $0.28 during midday trading on Friday, reaching $13.00. The company’s stock had a trading volume of 863,995 shares, compared to its average volume of 908,764. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of 14.94 and a beta of 1.60. The company has a current ratio of 2.80, a quick ratio of 1.89 and a debt-to-equity ratio of 0.79. Gates Industrial has a 1 year low of $11.57 and a 1 year high of $18.94. The stock’s 50-day moving average is $13.41 and its 200-day moving average is $15.01.

Gates Industrial (NYSE:GTESGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). Gates Industrial had a return on equity of 10.87% and a net margin of 7.48%. The business had revenue of $893.40 million during the quarter, compared to analysts’ expectations of $867.69 million. During the same quarter last year, the company posted $0.33 EPS. Gates Industrial’s revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, equities research analysts forecast that Gates Industrial will post 1 earnings per share for the current fiscal year.

In other Gates Industrial news, major shareholder Aggregator (Cayman) L.P. Omaha sold 13,750,000 shares of the stock in a transaction that occurred on Wednesday, March 30th. The shares were sold at an average price of $15.14, for a total value of $208,175,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.76% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTES. Victory Capital Management Inc. increased its stake in shares of Gates Industrial by 35.0% in the third quarter. Victory Capital Management Inc. now owns 14,885 shares of the company’s stock worth $242,000 after purchasing an additional 3,856 shares in the last quarter. Bailard Inc. purchased a new stake in shares of Gates Industrial in the fourth quarter worth $241,000. Millennium Management LLC increased its stake in shares of Gates Industrial by 4.1% in the third quarter. Millennium Management LLC now owns 866,208 shares of the company’s stock worth $14,093,000 after purchasing an additional 34,444 shares in the last quarter. MML Investors Services LLC increased its stake in shares of Gates Industrial by 6.3% in the third quarter. MML Investors Services LLC now owns 13,567 shares of the company’s stock worth $221,000 after purchasing an additional 807 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its stake in shares of Gates Industrial by 7.5% in the third quarter. UBS Asset Management Americas Inc. now owns 97,247 shares of the company’s stock worth $1,582,000 after purchasing an additional 6,755 shares in the last quarter.

About Gates Industrial (Get Rating)

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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