Gates Industrial Corp PLC (NYSE:GTES) Receives $13.56 Average PT from Analysts

Gates Industrial Corp PLC (NYSE:GTES) has been given a consensus rating of “Buy” by the ten brokerages that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $13.56.

A number of research firms have recently weighed in on GTES. Barclays lifted their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Tuesday, September 15th. Credit Suisse Group lifted their target price on Gates Industrial from $11.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Citigroup lifted their target price on Gates Industrial from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. UBS Group raised Gates Industrial from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $12.00 to $15.00 in a report on Tuesday, October 13th. Finally, KeyCorp raised their price target on Gates Industrial from $13.00 to $14.00 and gave the stock an “overweight” rating in a research report on Friday, August 28th.

Several hedge funds and other institutional investors have recently modified their holdings of GTES. Point72 Hong Kong Ltd bought a new position in Gates Industrial in the second quarter valued at about $29,000. Bank of Montreal Can grew its position in Gates Industrial by 114.9% in the second quarter. Bank of Montreal Can now owns 3,069 shares of the company’s stock valued at $30,000 after acquiring an additional 1,641 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in Gates Industrial by 69.0% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 11,262 shares of the company’s stock valued at $116,000 after acquiring an additional 4,600 shares during the last quarter. Jane Street Group LLC bought a new position in Gates Industrial in the second quarter valued at about $143,000. Finally, Trexquant Investment LP bought a new position in Gates Industrial in the second quarter valued at about $221,000. Institutional investors own 99.96% of the company’s stock.

Shares of Gates Industrial stock opened at $11.93 on Thursday. The business has a fifty day simple moving average of $11.52 and a two-hundred day simple moving average of $10.30. Gates Industrial has a 1 year low of $5.42 and a 1 year high of $14.30. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 51.87 and a beta of 1.94. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.11 and a quick ratio of 2.32.

Gates Industrial (NYSE:GTES) last posted its earnings results on Tuesday, August 4th. The company reported $0.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.07. Gates Industrial had a return on equity of 6.38% and a net margin of 2.47%. The company had revenue of $576.50 million during the quarter, compared to the consensus estimate of $567.66 million. During the same quarter last year, the firm earned $0.26 earnings per share. The company’s revenue was down 28.8% on a year-over-year basis. As a group, equities analysts anticipate that Gates Industrial will post 0.54 earnings per share for the current fiscal year.

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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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