Shares of Gates Industrial Corp PLC (NYSE:GTES) have received an average rating of “Buy” from the twelve research firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $21.10.

Several equities analysts recently commented on the stock. Credit Suisse Group upped their price target on shares of Gates Industrial from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 11th. Morgan Stanley boosted their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 11th. Zacks Investment Research upgraded shares of Gates Industrial from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Thursday, May 13th. Citigroup boosted their price objective on shares of Gates Industrial from $22.00 to $24.00 in a research note on Tuesday, May 11th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price objective on shares of Gates Industrial from $22.00 to $24.00 in a research note on Tuesday, May 11th.

Shares of GTES stock opened at $17.95 on Tuesday. Gates Industrial has a one year low of $9.60 and a one year high of $18.94. The company has a quick ratio of 1.93, a current ratio of 2.64 and a debt-to-equity ratio of 0.85. The stock’s 50 day moving average is $17.65. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 48.51 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 EPS for the quarter, topping the consensus estimate of $0.31 by $0.02. Gates Industrial had a net margin of 3.75% and a return on equity of 7.88%. The firm had revenue of $881.30 million during the quarter, compared to analyst estimates of $830.97 million. During the same quarter in the prior year, the business posted $0.21 earnings per share. Gates Industrial’s revenue for the quarter was up 24.1% compared to the same quarter last year. Sell-side analysts anticipate that Gates Industrial will post 1.25 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in GTES. Oliver Luxxe Assets LLC raised its holdings in Gates Industrial by 6.2% in the first quarter. Oliver Luxxe Assets LLC now owns 22,086 shares of the company’s stock valued at $353,000 after acquiring an additional 1,295 shares in the last quarter. Sapience Investments LLC raised its holdings in Gates Industrial by 3.0% in the fourth quarter. Sapience Investments LLC now owns 586,625 shares of the company’s stock valued at $7,485,000 after acquiring an additional 17,240 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Gates Industrial in the first quarter valued at $4,450,000. Squarepoint Ops LLC raised its holdings in Gates Industrial by 14.4% in the fourth quarter. Squarepoint Ops LLC now owns 68,394 shares of the company’s stock valued at $873,000 after acquiring an additional 8,602 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in Gates Industrial in the first quarter valued at $12,799,000.

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.

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