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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been given a consensus recommendation of “Moderate Buy” by the ten research firms that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $19.40.

Several equities analysts have recently weighed in on GTES shares. The Goldman Sachs Group raised 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. Robert W. Baird decreased their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Evercore ISI increased their price objective on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Morgan Stanley began coverage on Gates Industrial in a report 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 Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the acquisition, the director now owns 6,000 shares of the company’s stock, valued at approximately $100,800. This trade represents a -200.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Gates Industrial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC boosted its position in Gates Industrial by 341.1% in the second 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. GAMMA Investing LLC boosted its holdings in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares in the last quarter. Point72 DIFC Ltd bought a new stake in Gates Industrial during the 2nd quarter worth $142,000. Levin Capital Strategies L.P. acquired a new position in Gates Industrial in the 2nd quarter worth about $158,000. Finally, HighPoint Advisor Group LLC bought a new position in Gates Industrial in the fourth quarter valued at about $164,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

GTES opened at $17.58 on Friday. The company has a market capitalization of $4.59 billion, a P/E ratio of 19.32 and a beta of 1.40. The company has a 50-day moving average of $17.30 and a 200-day moving average of $17.03. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. Gates Industrial has a 1-year low of $10.68 and a 1-year high of $19.07.

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

Gates Industrial announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 31st that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is 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.