Gates Industrial Corporation PLC (NYSE:GTES) Stock Rated “Moderate Buy” by Wall Street Brokerages

Gates Industrial Corporation PLC (NYSE:GTES) has earned a consensus rating of “Moderate Buy” from the twelve brokerages that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $32.18.

Several research firms have recently issued reports on GTES. Robert W. Baird upped their price objective on Gates Industrial from $39.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday. Royal Bank Of Canada boosted their target price on shares of Gates Industrial from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Citigroup upped their price target on shares of Gates Industrial from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, KeyCorp raised their price target on shares of Gates Industrial from $31.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $24.43 on Friday. The firm has a 50 day moving average of $25.95 and a 200-day moving average of $25.78. The stock has a market capitalization of $6.14 billion, a PE ratio of 16.97 and a beta of 1.33. Gates Industrial has a 12 month low of $20.88 and a 12 month high of $30.34. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.57.

Gates Industrial (NYSE:GTES) last issued its earnings results on Friday, October 30th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. Gates Industrial had a net margin of 10.37% and a return on equity of 10.42%. The firm had revenue of $903.60 million for the quarter, compared to analyst estimates of $904.77 million. During the same quarter last year, the business posted $0.39 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. On average, equities research analysts predict that Gates Industrial will post 1.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AlphaCore Capital LLC bought a new stake in Gates Industrial in the third quarter worth approximately $234,000. Ethic Inc. boosted its holdings in Gates Industrial by 40.5% during the third quarter. Ethic Inc. now owns 32,117 shares of the company’s stock worth $841,000 after purchasing an additional 9,258 shares during the last quarter. Parallel Advisors LLC bought a new position in shares of Gates Industrial in the third quarter valued at approximately $140,000. Kestra Advisory Services LLC purchased a new position in shares of Gates Industrial in the 3rd quarter worth about $296,000. Finally, Inscription Capital LLC increased its stake in shares of Gates Industrial by 7.2% during the 3rd quarter. Inscription Capital LLC now owns 16,077 shares of the company’s stock worth $421,000 after purchasing an additional 1,078 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

About Gates Industrial

Gates Industrial Corporation plc (NYSE: GTES) is a manufacturer of engineered power transmission and fluid power products. The company develops solutions designed to transfer power, control motion, and manage the flow of fluids in industrial and mobile applications.

Its product portfolio includes synchronous and V-belts, belt drives, hoses, hydraulic assemblies, couplings, tensioners, pulleys, and related components. Gates serves original equipment manufacturers, distributors, and aftermarket customers across industries such as automotive, agriculture, construction, energy, manufacturing, and general industrial equipment.

The company traces its roots to the Gates Rubber Company, founded in 1911 in Denver, Colorado.