Gates Industrial Corp PLC (NYSE:GTES) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) have received an average rating of "Moderate Buy" from the ten ratings firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $22.80.

A number of equities analysts have weighed in on the stock. Citigroup boosted their target price on shares of Gates Industrial from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. 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 note on Friday, December 6th. Royal Bank of Canada upped their target price on shares of Gates Industrial from $22.00 to $26.00 and gave the company an "outperform" rating in a research report on Thursday, December 12th. The Goldman Sachs Group raised their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, December 12th. Finally, KeyCorp lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, November 21st.

Institutional Trading of Gates Industrial

A number of hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC lifted its holdings in Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after buying an additional 1,320 shares during the period. Venturi Wealth Management LLC boosted its stake in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after acquiring an additional 814 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Gates Industrial in the 3rd quarter valued at about $67,000. GAMMA Investing LLC increased 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 acquiring an additional 2,998 shares in the last quarter. Finally, Quarry LP bought a new stake in Gates Industrial during the 3rd quarter valued at $71,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Shares of GTES traded up $0.21 during trading hours on Wednesday, hitting $20.83. The stock had a trading volume of 645,345 shares, compared to its average volume of 3,032,108. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 25.10 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The company's fifty day moving average is $20.83 and its two-hundred day moving average is $18.30. Gates Industrial has a 52 week low of $12.40 and a 52 week high of $23.34.

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.