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

Gates Industrial Corp PLC (NYSE:GTES) has received a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $19.13.

Several brokerages recently commented on GTES. Citigroup upped their target price on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, April 8th. The Goldman Sachs Group upped their target price on Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Robert W. Baird upped their target price on Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Barclays reduced their target price on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Finally, Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a report on Friday, March 8th.

Insiders Place Their Bets

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total value of $328,641,250.00. Following the transaction, the insider now directly owns 77,326 shares in the company, valued at approximately $1,262,733.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

A number of large investors have recently modified their holdings of the company. Advisory Services Network LLC lifted its holdings in shares of Gates Industrial by 2.9% in the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after purchasing an additional 978 shares in the last quarter. Johnson Financial Group Inc. lifted its stake in Gates Industrial by 26.4% during the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after acquiring an additional 1,654 shares in the last quarter. Uncommon Cents Investing LLC lifted its stake in Gates Industrial by 11.4% during the 1st quarter. Uncommon Cents Investing LLC now owns 19,980 shares of the company’s stock valued at $354,000 after acquiring an additional 2,045 shares in the last quarter. GAMMA Investing LLC bought a new position in Gates Industrial during the 4th quarter valued at $27,000. Finally, Natixis Advisors L.P. lifted its stake in Gates Industrial by 4.6% during the 3rd quarter. Natixis Advisors L.P. now owns 49,641 shares of the company’s stock valued at $576,000 after acquiring an additional 2,198 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

Gates Industrial stock opened at $15.49 on Wednesday. The business has a 50 day moving average of $16.75 and a 200-day moving average of $15.53. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $17.99. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.06 and a quick ratio of 2.15. The company has a market capitalization of $4.05 billion, a P/E ratio of 17.02 and a beta of 1.44.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. The company had revenue of $862.60 million during the quarter, compared to the consensus estimate of $866.00 million. On average, equities research analysts predict that Gates Industrial will post 1.32 earnings per share for the current 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.