Gates Industrial Corp PLC (NYSE:GTES) Receives $23.00 Consensus Price Target from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES) have received an average rating of “Moderate Buy” from the ten ratings firms that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $23.20.

Several analysts have issued reports on the stock. Barclays upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday. KeyCorp raised their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Citigroup reduced their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada lifted their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group raised their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th.

Institutional Trading of Gates Industrial

A number of institutional investors have recently added to or reduced their stakes in GTES. FMR LLC lifted its position in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company’s stock worth $399,931,000 after purchasing an additional 6,383,165 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Gates Industrial by 4.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after acquiring an additional 616,687 shares in the last quarter. Invesco Ltd. boosted its holdings in Gates Industrial by 2.3% in the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock worth $152,354,000 after purchasing an additional 168,328 shares during the period. Fiduciary Management Inc. WI increased its stake in Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock valued at $148,615,000 after purchasing an additional 21,191 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Gates Industrial by 112.9% in the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $22.67 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. Gates Industrial has a 12 month low of $13.17 and a 12 month high of $23.34. The firm’s fifty day simple moving average is $21.00 and its 200-day simple moving average is $19.46. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of 31.06 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. As a group, equities analysts forecast that Gates Industrial will post 1.4 earnings per share for the current year.

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.