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

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Gates Industrial Corp PLC (NYSE:GTES) has earned a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $21.10.

GTES has been the topic of a number of research reports. Zacks Investment Research raised shares of Gates Industrial from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a report on Thursday, May 13th. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $17.00 to $21.00 in a research note on Monday, March 1st. Credit Suisse Group increased their price target on Gates Industrial from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 11th. Morgan Stanley boosted their price objective on Gates Industrial from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 11th. Finally, KeyCorp increased their target price on shares of Gates Industrial from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 11th.

Shares of Gates Industrial stock opened at $18.35 on Friday. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 49.59 and a beta of 1.85. Gates Industrial has a 1 year low of $9.60 and a 1 year high of $18.50. The company has a current ratio of 2.64, a quick ratio of 1.93 and a debt-to-equity ratio of 0.85. The company’s fifty day simple moving average is $17.18.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Sunday, May 9th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $881.30 million during the quarter, compared to the consensus estimate of $830.97 million. Gates Industrial had a net margin of 3.75% and a return on equity of 7.88%. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.21 earnings per share. As a group, equities analysts forecast that Gates Industrial will post 1.25 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Private Capital Group LLC purchased a new position in Gates Industrial during the first quarter valued at approximately $27,000. Sowell Financial Services LLC bought a new position in Gates Industrial in the 1st quarter valued at $86,000. Panagora Asset Management Inc. purchased a new position in shares of Gates Industrial during the 1st quarter valued at $120,000. People s United Financial Inc. grew its position in shares of Gates Industrial by 7.4% during the 4th quarter. People s United Financial Inc. now owns 12,399 shares of the company’s stock valued at $158,000 after purchasing an additional 859 shares in the last quarter. Finally, Walleye Trading LLC bought a new position in shares of Gates Industrial in the first quarter worth $169,000.

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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