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

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Shares of Gates Industrial Corp PLC (NYSE:GTES) have earned a consensus recommendation of “Buy” from the twelve research firms that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $21.33.

A number of research firms have recently commented on GTES. Wolfe Research began coverage on Gates Industrial in a report on Wednesday, May 19th. They issued an “outperform” rating on the stock. increased their price objective on Gates Industrial from $22.00 to $24.00 in a report on Tuesday, May 11th. Citigroup increased their price objective on Gates Industrial from $22.00 to $24.00 in a report on Tuesday, May 11th. KeyCorp upped their target price on Gates Industrial from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Tuesday, May 11th. Finally, Robert W. Baird began coverage on Gates Industrial in a research report on Tuesday, May 25th. They issued an “outperform” rating and a $26.00 target price for the company.

Shares of NYSE GTES opened at $18.14 on Friday. The business’s 50-day moving average is $17.84. The company has a current ratio of 2.64, a quick ratio of 1.93 and a debt-to-equity ratio of 0.85. Gates Industrial has a 1-year low of $10.42 and a 1-year high of $18.94. The stock has a market cap of $5.26 billion, a P/E ratio of 49.03 and a beta of 1.84.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Sunday, May 9th. The company reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.02. Gates Industrial had a return on equity of 7.88% and a net margin of 3.75%. The company had revenue of $881.30 million for the quarter, compared to the consensus estimate of $830.97 million. During the same quarter in the prior year, the business earned $0.21 EPS. Gates Industrial’s revenue was up 24.1% on a year-over-year basis. Analysts anticipate that Gates Industrial will post 1.25 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Confluence Investment Management LLC increased its stake in Gates Industrial by 73.8% in the 2nd quarter. Confluence Investment Management LLC now owns 1,230,989 shares of the company’s stock valued at $22,244,000 after purchasing an additional 522,895 shares in the last quarter. Advisory Services Network LLC increased its stake in Gates Industrial by 4.1% in the 1st quarter. Advisory Services Network LLC now owns 30,693 shares of the company’s stock valued at $491,000 after purchasing an additional 1,223 shares in the last quarter. Principal Financial Group Inc. purchased a new position in Gates Industrial in the 1st quarter valued at approximately $12,799,000. Squarepoint Ops LLC increased its stake in Gates Industrial by 19.6% in the 1st quarter. Squarepoint Ops LLC now owns 81,809 shares of the company’s stock valued at $1,308,000 after purchasing an additional 13,415 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new position in Gates Industrial in the 1st quarter valued at approximately $337,000.

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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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