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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned a consensus recommendation of “Moderate Buy” from the nine analysts that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $24.22.

Several brokerages 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 company a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Barclays reduced their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Evercore ISI boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Finally, The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th.

Insiders Place Their Bets

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares in the company, valued at $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Hedge funds have recently made changes to their positions in the business. GeoWealth Management LLC lifted its holdings in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after acquiring an additional 789 shares during the last quarter. Assetmark Inc. lifted 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 last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Gates Industrial in the 4th quarter worth approximately $43,000. Versant Capital Management Inc lifted 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 last quarter. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Gates Industrial by 35.9% in 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 during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

NYSE GTES opened at $19.71 on Monday. Gates Industrial has a 52-week low of $15.14 and a 52-week high of $23.85. The company has a 50-day simple moving average of $20.92 and a 200 day simple moving average of $20.00. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a market capitalization of $5.03 billion, a PE ratio of 26.99 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, research analysts predict that Gates Industrial will post 1.36 EPS 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.