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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned an average rating of “Buy” from the twelve ratings firms that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $21.50.

A number of brokerages recently commented on GTES. Zacks Investment Research lowered Gates Industrial from a “buy” rating to a “hold” rating in a research report on Wednesday. TheStreet raised Gates Industrial from a “c+” rating to a “b-” rating in a research report on Wednesday, November 24th. Morgan Stanley decreased their target price on Gates Industrial from $19.00 to $18.00 and set an “equal weight” rating for the company in a research report on Friday. Royal Bank of Canada lifted their price target on Gates Industrial from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Tuesday, November 9th. Finally, Barclays downgraded Gates Industrial from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $22.00 to $18.00 in a research note on Monday, December 6th.

GTES stock opened at $16.59 on Friday. The stock has a 50-day moving average price of $16.21 and a 200-day moving average price of $16.79. Gates Industrial has a 1-year low of $13.71 and a 1-year high of $18.94. The company has a current ratio of 2.64, a quick ratio of 1.87 and a debt-to-equity ratio of 0.78. The firm has a market cap of $4.81 billion, a PE ratio of 19.07 and a beta of 1.69.

Gates Industrial (NYSE:GTES) last issued its earnings results on Sunday, November 7th. The company reported $0.31 EPS for the quarter, meeting analysts’ consensus estimates of $0.31. Gates Industrial had a return on equity of 11.32% and a net margin of 7.49%. The business had revenue of $862.40 million during the quarter, compared to analyst estimates of $855.45 million. During the same period in the previous year, the company posted $0.26 EPS. The firm’s revenue was up 21.1% compared to the same quarter last year. On average, analysts forecast that Gates Industrial will post 1.22 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in GTES. Auxier Asset Management increased its position in Gates Industrial by 1.5% in the second quarter. Auxier Asset Management now owns 48,807 shares of the company’s stock worth $882,000 after buying an additional 700 shares during the last quarter. MML Investors Services LLC increased its holdings in Gates Industrial by 6.3% in the 3rd quarter. MML Investors Services LLC now owns 13,567 shares of the company’s stock worth $221,000 after acquiring an additional 807 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Gates Industrial by 5.2% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 18,793 shares of the company’s stock worth $306,000 after acquiring an additional 922 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Gates Industrial by 11.2% in the 3rd quarter. CIBC Asset Management Inc now owns 12,118 shares of the company’s stock worth $197,000 after acquiring an additional 1,224 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its holdings in Gates Industrial by 27.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,175 shares of the company’s stock worth $100,000 after acquiring an additional 1,328 shares during the last quarter.

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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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