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

Shares of Gates Industrial Corp PLC (NYSE:GTES) have earned an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $20.40.

GTES has been the topic of several research reports. KeyCorp upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Barclays raised their target price 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. Evercore ISI upped their target price on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. boosted its holdings in shares of Gates Industrial by 138.0% in the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after buying an additional 2,220,277 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Gates Industrial in the third quarter valued at $1,376,000. Geode Capital Management LLC grew its holdings in shares of Gates Industrial by 16.0% during the third quarter. Geode Capital Management LLC now owns 3,460,855 shares of the company’s stock valued at $60,755,000 after buying an additional 476,962 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Gates Industrial during the third quarter valued at $408,000. Finally, MML Investors Services LLC lifted its stake in Gates Industrial by 10.9% in the 3rd quarter. MML Investors Services LLC now owns 84,684 shares of the company’s stock worth $1,486,000 after acquiring an additional 8,301 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Up 0.1 %

GTES stock opened at $22.15 on Friday. The company has a market capitalization of $5.64 billion, a P/E ratio of 26.68 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial has a twelve month low of $11.22 and a twelve month high of $22.43. The firm has a 50 day simple moving average of $19.24 and a 200-day simple moving average of $17.69.

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.