Gates Industrial (NYSE:GTES) Stock Price Up 9.8%

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Gates Industrial Corp PLC (NYSE:GTES) rose 9.8% during mid-day trading on Wednesday . The stock traded as high as $6.80 and last traded at $7.37, approximately 17,950 shares changed hands during trading. A decline of 96% from the average daily volume of 490,240 shares. The stock had previously closed at $6.71.

GTES has been the topic of several research analyst reports. Morgan Stanley reduced their price target on shares of Gates Industrial from $13.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 17th. UBS Group initiated coverage on shares of Gates Industrial in a research report on Wednesday, December 11th. They set a “hold” rating and a $14.00 price target on the stock. Goldman Sachs Group boosted their price target on shares of Gates Industrial from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Barclays reiterated a “hold” rating and set a $15.00 price target on shares of Gates Industrial in a research report on Sunday, February 9th. Finally, TheStreet cut shares of Gates Industrial from a “c” rating to a “d” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $13.14.

The firm has a market cap of $1.95 billion, a PE ratio of 3.29 and a beta of 2.12. The company has a quick ratio of 2.25, a current ratio of 2.98 and a debt-to-equity ratio of 1.04. The stock’s fifty day simple moving average is $10.36 and its two-hundred day simple moving average is $11.29.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. The business had revenue of $725.70 million for the quarter, compared to analysts’ expectations of $720.00 million. Gates Industrial had a net margin of 22.35% and a return on equity of 8.98%. The business’s revenue was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, equities research analysts anticipate that Gates Industrial Corp PLC will post 0.77 earnings per share for the current fiscal year.

In other news, Director Ivo Jurek purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were purchased at an average price of $13.21 per share, for a total transaction of $66,050.00. Following the completion of the acquisition, the director now directly owns 179,118 shares in the company, valued at approximately $2,366,148.78. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Blackstone Group Inc purchased 85,000 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were purchased at an average price of $9.05 per share, for a total transaction of $769,250.00. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 345,400 shares of company stock worth $3,060,438. Corporate insiders own 0.71% of the company’s stock.

Several large investors have recently bought and sold shares of GTES. California Public Employees Retirement System grew its holdings in shares of Gates Industrial by 68.5% during the third quarter. California Public Employees Retirement System now owns 22,413 shares of the company’s stock valued at $226,000 after buying an additional 9,110 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Gates Industrial during the third quarter valued at approximately $256,000. State Street Corp grew its holdings in shares of Gates Industrial by 3.9% during the third quarter. State Street Corp now owns 600,042 shares of the company’s stock valued at $6,042,000 after buying an additional 22,476 shares during the last quarter. Squarepoint Ops LLC grew its holdings in shares of Gates Industrial by 136.3% during the third quarter. Squarepoint Ops LLC now owns 136,900 shares of the company’s stock valued at $1,379,000 after buying an additional 78,954 shares during the last quarter. Finally, Brasada Capital Management LP purchased a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $378,000.

Gates Industrial Company Profile (NYSE:GTES)

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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