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

Gates Industrial Corp PLC (NYSE:GTES) has received a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $20.40.

GTES has been the topic of a number of research analyst reports. Barclays raised their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. KeyCorp boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Evercore ISI increased their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price on the stock. Finally, 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 stock from $20.00 to $22.00 in a research note on Monday, August 19th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GTES. Price T Rowe Associates Inc. MD lifted its stake in Gates Industrial by 67.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 61,668 shares of the company’s stock valued at $1,093,000 after purchasing an additional 24,946 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Gates Industrial by 33.1% in the first quarter. Public Employees Retirement System of Ohio now owns 65,879 shares of the company’s stock valued at $1,167,000 after buying an additional 16,398 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Gates Industrial by 15.8% during the 1st quarter. California State Teachers Retirement System now owns 171,137 shares of the company’s stock worth $3,031,000 after acquiring an additional 23,291 shares during the period. Tidal Investments LLC increased its holdings in shares of Gates Industrial by 11.3% during the 1st quarter. Tidal Investments LLC now owns 53,384 shares of the company’s stock worth $945,000 after acquiring an additional 5,402 shares during the last quarter. Finally, First Hawaiian Bank bought a new stake in Gates Industrial in the 2nd quarter valued at $520,000. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.43 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial has a 52 week low of $11.22 and a 52 week high of $22.56. The company’s 50 day moving average price is $19.62 and its two-hundred day moving average price is $17.85. The company has a market capitalization of $5.71 billion, a P/E ratio of 27.02 and a beta of 1.38.

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.