Gates Industrial Corp PLC (NYSE:GTES) Receives $23.00 Consensus Price Target from Analysts

Gates Industrial Corp PLC (NYSE:GTES) has earned a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $23.20.

A number of research firms recently commented on GTES. Jefferies Financial Group boosted their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Barclays boosted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday. Royal Bank of Canada upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. KeyCorp boosted their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, Citigroup decreased 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 note on Monday, January 13th.

Institutional Trading of Gates Industrial

Institutional investors and hedge funds have recently modified their holdings of the business. GeoWealth Management LLC raised its holdings in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. increased its holdings in shares of Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial in the 4th quarter worth about $43,000. Versant Capital Management Inc increased its holdings 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 worth $51,000 after acquiring an additional 1,598 shares during the period. Finally, SRS Capital Advisors Inc. increased its holdings in shares of Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $22.67 on Thursday. The company’s fifty day moving average price is $21.01 and its 200 day moving average price is $19.50. Gates Industrial has a 12 month low of $13.17 and a 12 month high of $23.34. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The firm has a market capitalization of $5.78 billion, a P/E ratio of 31.06 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. As a group, sell-side analysts predict that Gates Industrial will post 1.4 earnings per share for the current fiscal year.

About Gates Industrial

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.