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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have received an average rating of “Moderate Buy” from the ten research firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $22.80.

A number of research firms have issued reports on GTES. KeyCorp increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Morgan Stanley started coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target for the company. Citigroup raised their price objective on shares of Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a report on Monday, December 9th. Jefferies Financial Group boosted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada raised their price target on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Headlands Technologies LLC raised its position in Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC lifted its position in Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Gates Industrial in the 3rd quarter worth approximately $67,000. GAMMA Investing LLC grew its position in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Gates Industrial during the third quarter valued at approximately $71,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Performance

NYSE:GTES opened at $20.83 on Wednesday. Gates Industrial has a 52 week low of $12.40 and a 52 week high of $23.34. The company has a fifty day simple moving average of $20.78 and a two-hundred day simple moving average of $18.29. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The company has a market cap of $5.31 billion, a price-to-earnings ratio of 25.10 and a beta of 1.38.

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.