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

Gates Industrial Corp PLC (NYSE:GTES - Get Free Report) has earned an average rating of "Moderate Buy" from the ten brokerages that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $19.40.

Several equities research analysts have weighed in on GTES shares. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a research report on Thursday, August 1st. Morgan Stanley began coverage on Gates Industrial in a report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective on the stock. Evercore ISI lifted their target price on Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a research note on Monday, August 19th. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Finally, Robert W. Baird decreased their price target on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st.

Gates Industrial Price Performance

Shares of NYSE:GTES traded up $0.37 on Friday, hitting $17.70. The stock had a trading volume of 1,381,320 shares, compared to its average volume of 3,008,803. The company has a market capitalization of $4.63 billion, a price-to-earnings ratio of 18.78 and a beta of 1.40. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. The firm's 50 day moving average price is $17.25 and its 200-day moving average price is $17.03. Gates Industrial has a twelve month low of $10.68 and a twelve month high of $19.07.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. The business had revenue of $885.50 million for the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. On average, equities research analysts predict that Gates Industrial will post 1.24 earnings per share for the current year.

Gates Industrial declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 31st that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction on Wednesday, August 21st. The stock was bought at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the acquisition, the director now directly owns 6,000 shares of the company's stock, valued at $100,800. The trade was a -200.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Gates Industrial

Several large investors have recently made changes to their positions in the stock. Headlands Technologies LLC grew its holdings in shares of Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after buying an additional 1,320 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock worth $68,000 after acquiring an additional 2,998 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Gates Industrial in the second quarter valued at approximately $142,000. Levin Capital Strategies L.P. bought a new stake in shares of Gates Industrial in the second quarter worth $158,000. Finally, HighPoint Advisor Group LLC acquired a new position in Gates Industrial during the fourth quarter worth $164,000. Institutional investors 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.