Gates Industrial Corporation PLC (GTES) – What Are Brokerages Saying About This Stock?

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have received an average rating of “Moderate Buy” from the twelve brokerages that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $32.18.

GTES has been the subject of several recent analyst reports. Wells Fargo & Company decreased their price objective on shares of Gates Industrial from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Monday. Robert W. Baird upped their price target on shares of Gates Industrial from $39.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, November 2nd. Citigroup lifted their price target on shares of Gates Industrial from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Royal Bank Of Canada upped their target price on Gates Industrial from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen lowered Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors and hedge funds have recently modified their holdings of GTES. Dimensional Fund Advisors LP lifted its stake in Gates Industrial by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 11,546,581 shares of the company’s stock worth $261,040,000 after purchasing an additional 295,706 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Gates Industrial by 3.8% in the 1st quarter. Janus Henderson Group PLC now owns 5,230,159 shares of the company’s stock valued at $118,252,000 after buying an additional 193,896 shares during the period. Bank of New York Mellon Corp increased its stake in Gates Industrial by 1.7% in the first quarter. Bank of New York Mellon Corp now owns 2,346,443 shares of the company’s stock valued at $53,053,000 after purchasing an additional 38,645 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Gates Industrial by 62.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,251,585 shares of the company’s stock worth $50,908,000 after acquiring an additional 868,734 shares during the period. Finally, Quantinno Capital Management LP boosted its holdings in Gates Industrial by 12.3% in the first quarter. Quantinno Capital Management LP now owns 2,101,565 shares of the company’s stock valued at $47,516,000 after acquiring an additional 230,147 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Trading Up 2.4%

NYSE GTES opened at $24.12 on Friday. The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.57. Gates Industrial has a 52 week low of $20.88 and a 52 week high of $30.34. The firm has a 50 day moving average of $25.85 and a two-hundred day moving average of $25.79. The stock has a market capitalization of $6.06 billion, a PE ratio of 16.75 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Friday, October 30th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. The company had revenue of $903.60 million during the quarter, compared to analysts’ expectations of $904.77 million. Gates Industrial had a return on equity of 10.42% and a net margin of 10.37%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.39 earnings per share. As a group, research analysts expect that Gates Industrial will post 1.59 EPS for the current fiscal year.

About Gates Industrial

Gates Industrial Corporation plc (NYSE: GTES) is a manufacturer of engineered power transmission and fluid power products. The company develops solutions designed to transfer power, control motion, and manage the flow of fluids in industrial and mobile applications.

Its product portfolio includes synchronous and V-belts, belt drives, hoses, hydraulic assemblies, couplings, tensioners, pulleys, and related components. Gates serves original equipment manufacturers, distributors, and aftermarket customers across industries such as automotive, agriculture, construction, energy, manufacturing, and general industrial equipment.

The company traces its roots to the Gates Rubber Company, founded in 1911 in Denver, Colorado.