Gates Industrial (NYSE:GTES) Sets New 12-Month High – Here’s What Happened

Gates Industrial Corporation PLC (NYSE:GTES)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $25.81 and last traded at $25.88, with a volume of 199737 shares. The stock had previously closed at $25.23.

Analysts Set New Price Targets

Several research analysts have issued reports on GTES shares. Wall Street Zen raised Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 12th. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. Morgan Stanley lowered their target price on shares of Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Barclays reissued an “overweight” rating and set a $28.00 target price (up from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Finally, Citigroup increased their target price on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.50.

Gates Industrial Stock Performance

The company has a market capitalization of $6.63 billion, a P/E ratio of 33.01 and a beta of 1.24. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66. The stock’s 50-day moving average price is $23.99 and its 200-day moving average price is $21.42.

Gates Industrial (NYSE:GTES) last released its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, equities analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently made changes to their positions in GTES. GeoWealth Management LLC lifted its position in Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares in the last quarter. SVB Wealth LLC acquired a new position in Gates Industrial during the 1st quarter worth approximately $34,000. Allworth Financial LP boosted its holdings in shares of Gates Industrial by 43.0% in the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Gates Industrial by 273.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock valued at $67,000 after buying an additional 2,131 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Gates Industrial by 1,976.9% during the second quarter. EverSource Wealth Advisors LLC now owns 2,970 shares of the company’s stock worth $68,000 after purchasing an additional 2,827 shares during the period. 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.