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

Gates Industrial Corp PLC (NYSE:GTES) has been given a consensus recommendation of “Moderate Buy” by the ten research firms that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $22.50.

GTES has been the topic of several recent analyst reports. Jefferies Financial Group raised their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group raised their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Citigroup reduced their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada increased their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Finally, KeyCorp boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st.

Gates Industrial Trading Up 1.3 %

Shares of Gates Industrial stock opened at $20.80 on Friday. The stock has a market capitalization of $5.30 billion, a PE ratio of 25.05 and a beta of 1.38. Gates Industrial has a 52 week low of $12.40 and a 52 week high of $23.34. The stock has a 50 day moving average price of $21.18 and a two-hundred day moving average price of $18.94. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc lifted its stake in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares during the period. Venturi Wealth Management LLC raised its holdings in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Gates Industrial during the third quarter valued at $67,000. GAMMA Investing LLC boosted its holdings in shares of Gates Industrial by 333.9% during 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 in the last quarter. Finally, Quarry LP purchased a new stake in shares of Gates Industrial in the 3rd quarter worth about $71,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.