Gates Industrial Corp PLC (NYSE:GTES) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Gates Industrial Corp PLC (NYSE:GTES) have received a consensus recommendation of “Moderate Buy” from the ten research firms that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $20.40.

GTES has been the subject of a number of analyst reports. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Barclays increased their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Evercore ISI raised their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Morgan Stanley initiated coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Finally, KeyCorp increased their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st.

Gates Industrial Stock Up 0.1 %

GTES opened at $22.15 on Friday. The company has a market capitalization of $5.64 billion, a PE ratio of 26.68 and a beta of 1.38. The business has a 50-day moving average of $19.24 and a 200-day moving average of $17.69. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. Gates Industrial has a fifty-two week low of $11.22 and a fifty-two week high of $22.43.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Headlands Technologies LLC raised its stake in Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after acquiring an additional 1,320 shares during the period. Venturi Wealth Management LLC raised its position in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Gates Industrial during the 3rd quarter worth about $67,000. GAMMA Investing LLC grew its stake in Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after buying an additional 2,998 shares during the last quarter. Finally, Quarry LP bought a new position in Gates Industrial in the 3rd quarter valued at about $71,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.