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

Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the ten analysts that are covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $23.20.

A number of research firms have recently commented on GTES. Citigroup dropped their price objective on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Royal Bank of Canada boosted their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Jefferies Financial Group raised their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Barclays boosted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "overweight" rating in a report on Friday. Finally, The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, December 12th.

Institutional Trading of Gates Industrial

Several large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock valued at $68,000 after buying an additional 2,998 shares in the last quarter. Mutual of America Capital Management LLC purchased a new position in Gates Industrial during the 3rd quarter valued at about $597,000. Jennison Associates LLC increased its holdings in shares of Gates Industrial by 45.9% in the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock valued at $70,763,000 after purchasing an additional 1,268,407 shares during the period. Foundry Partners LLC purchased a new stake in shares of Gates Industrial in the third quarter worth approximately $4,247,000. Finally, Verition Fund Management LLC boosted its holdings in shares of Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company's stock worth $6,660,000 after purchasing an additional 289,722 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Price Performance

GTES stock traded up $0.49 during trading on Thursday, hitting $22.67. The company had a trading volume of 1,726,461 shares, compared to its average volume of 2,175,522. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 31.06 and a beta of 1.37. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average of $21.00 and a 200 day moving average of $19.47. Gates Industrial has a fifty-two week low of $13.17 and a fifty-two week high of $23.34.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. As a group, research analysts predict that Gates Industrial will post 1.4 earnings per share for the current year.

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.