Gates Industrial Corp PLC (NYSE:GTES) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES) have earned an average rating of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $19.40.

GTES has been the subject of a number of research reports. Barclays cut their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Evercore ISI boosted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Robert W. Baird cut their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Morgan Stanley began coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Finally, Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $17.07 on Monday. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 18.76 and a beta of 1.41. Gates Industrial has a 12 month low of $10.68 and a 12 month high of $19.07. The firm’s 50 day simple moving average is $17.04 and its 200-day simple moving average is $16.88. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The company had revenue of $885.50 million during the quarter, compared to analysts’ expectations of $893.00 million. Analysts expect that Gates Industrial will post 1.24 EPS for the current year.

Insiders Place Their Bets

In other Gates Industrial news, Director Wilson S. Neely bought 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the acquisition, the director now directly owns 6,000 shares in the company, valued at $100,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Gates Industrial

A number of large investors have recently modified their holdings of GTES. Amalgamated Bank increased its position in shares of Gates Industrial by 14.6% in the 4th quarter. Amalgamated Bank now owns 24,860 shares of the company’s stock valued at $334,000 after purchasing an additional 3,164 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Gates Industrial by 11.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,500,391 shares of the company’s stock valued at $20,135,000 after buying an additional 154,770 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Gates Industrial by 14.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock valued at $130,285,000 after buying an additional 1,239,261 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Gates Industrial in the 4th quarter valued at $147,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Gates Industrial in the 4th quarter valued at $492,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.