Gates Industrial Corp PLC (NYSE:GTES) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $19.40.

GTES has been the topic of several recent analyst reports. The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Barclays cut their target price on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 4th. Robert W. Baird lowered their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Finally, Evercore ISI boosted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th.

Insiders Place Their Bets

In other news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the purchase, the director now owns 6,000 shares in the company, valued at $100,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC grew its holdings in Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after buying an additional 1,320 shares in the last quarter. TFO Wealth Partners LLC boosted its position in shares of Gates Industrial by 68,390.0% during the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after acquiring an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. grew its stake in Gates Industrial by 26.4% during the fourth 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. Point72 DIFC Ltd bought a new stake in Gates Industrial in the 2nd quarter valued at $142,000. Finally, Levin Capital Strategies L.P. purchased a new stake in Gates Industrial in the 2nd quarter worth $158,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $17.72 on Monday. Gates Industrial has a 12 month low of $10.68 and a 12 month high of $19.07. The firm has a market capitalization of $4.63 billion, a P/E ratio of 19.47 and a beta of 1.41. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. The business has a fifty day simple moving average of $17.24 and a two-hundred day simple moving average of $16.99.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The company had revenue of $885.50 million during the quarter, compared to analysts’ expectations of $893.00 million. On average, equities analysts forecast that Gates Industrial will post 1.24 earnings per share for the current fiscal year.

Gates Industrial declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 31st that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.