Gates Industrial Corp PLC (GTES) Receives $19.67 Average PT from Analysts

Gates Industrial Corp PLC (NYSE:GTES) has been assigned an average rating of “Buy” from the ten analysts that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $19.67.

GTES has been the topic of a number of analyst reports. Zacks Investment Research lowered Gates Industrial from a “buy” rating to a “hold” rating in a report on Friday, October 5th. Morgan Stanley lowered their price objective on Gates Industrial from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Tuesday, November 6th. Barclays lowered their price objective on Gates Industrial from $19.00 to $18.00 and set an “equal weight” rating on the stock in a report on Monday, December 17th. ValuEngine lowered Gates Industrial from a “hold” rating to a “sell” rating in a report on Friday, December 21st. Finally, Citigroup lowered their price objective on Gates Industrial from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Friday, November 2nd.

In other Gates Industrial news, insider Ivo Jurek bought 5,000 shares of the stock in a transaction on Tuesday, November 6th. The shares were purchased at an average price of $14.50 per share, with a total value of $72,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.



Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wright Investors Service Inc. bought a new stake in shares of Gates Industrial in the 3rd quarter worth approximately $207,000. PNC Financial Services Group Inc. lifted its position in shares of Gates Industrial by 46,566.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,600 shares of the company’s stock worth $206,000 after acquiring an additional 12,573 shares during the period. Verition Fund Management LLC bought a new stake in shares of Gates Industrial in the 3rd quarter worth approximately $369,000. Engineers Gate Manager LP bought a new stake in shares of Gates Industrial in the 3rd quarter worth approximately $430,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Gates Industrial in the 3rd quarter worth approximately $515,000.

Shares of GTES stock opened at $14.66 on Friday. The company has a current ratio of 2.62, a quick ratio of 1.82 and a debt-to-equity ratio of 1.31. Gates Industrial has a fifty-two week low of $12.19 and a fifty-two week high of $20.29. The stock has a market capitalization of $4.18 billion and a price-to-earnings ratio of 17.88.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, November 1st. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. Gates Industrial had a return on equity of 19.19% and a net margin of 8.64%. The company had revenue of $828.40 million for the quarter, compared to analyst estimates of $835.30 million. Equities research analysts expect that Gates Industrial will post 1.2 earnings per share for the current fiscal year.

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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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