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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned an average rating of “Moderate Buy” from the nine research firms that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $24.22.

Several research analysts recently issued reports on GTES shares. Barclays cut their target price on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Evercore ISI increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, KeyCorp increased their target price 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.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were purchased at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Gates Industrial

Institutional investors and hedge funds have recently made changes to their positions in the company. GeoWealth Management LLC raised its holdings in shares of Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after purchasing an additional 789 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Gates Industrial in the fourth quarter valued at about $43,000. Versant Capital Management Inc raised its holdings in shares of Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Trading Up 4.8 %

NYSE:GTES opened at $19.71 on Monday. The firm’s fifty day moving average is $20.92 and its 200-day moving average is $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. Gates Industrial has a 52 week low of $15.14 and a 52 week high of $23.85. The firm has a market cap of $5.03 billion, a P/E ratio of 26.99 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities analysts expect that Gates Industrial will post 1.36 earnings per share 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.