Gates Industrial (NYSE:GTES) Shares Up 6.6% - Still a Buy?

Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) shares shot up 6.6% on Thursday . The company traded as high as $22.19 and last traded at $22.14. 723,464 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 2,032,413 shares. The stock had previously closed at $20.77.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. The Goldman Sachs Group lifted their price target on Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a research report on Thursday, December 12th. Barclays raised shares of Gates Industrial from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $21.00 to $25.00 in a report on Thursday, December 5th. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Friday. KeyCorp increased their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Jefferies Financial Group upped their price target on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $23.00.

Gates Industrial Price Performance

The company has a market cap of $5.75 billion, a PE ratio of 30.92 and a beta of 1.37. The stock has a fifty day moving average price of $21.02 and a 200-day moving average price of $19.31. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. On average, equities analysts expect that Gates Industrial Corp PLC will post 1.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GTES. Assetmark Inc. grew its holdings in shares of Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after acquiring an additional 1,514 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock valued at $51,000 after acquiring an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock worth $54,000 after purchasing an additional 814 shares during the last quarter. SRS Capital Advisors Inc. boosted its position in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock worth $54,000 after purchasing an additional 724 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Gates Industrial in the third quarter valued at approximately $67,000. Institutional investors and hedge funds own 98.50% of the company's stock.

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.