Gates Industrial (NYSE:GTES) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Gates Industrial (NYSE:GTES) from a strong sell rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “Gates Industrial Corporation PLC is a manufacturer of engineered power transmission and fluid power solutions. The company offers portfolio of products to diverse replacement channel customers and to original equipment manufacturers as specified components. It serves agriculture, construction, manufacturing, energy and consumer applications industries. The company operates primarily in the Americas; Europe, Middle East & Africa; Greater China and East Asia & India. Gates Industrial Corporation PLC is based in Denver, Colorado. “

Other research analysts have also recently issued reports about the stock. ValuEngine cut shares of Welbilt from a hold rating to a sell rating in a report on Wednesday, June 12th. Goldman Sachs Group set a GBX 6,870 ($89.77) price target on shares of Reckitt Benckiser Group and gave the stock a neutral rating in a report on Tuesday, June 25th. TheStreet cut shares of Viavi Solutions from a b- rating to a c+ rating in a report on Monday, June 3rd. Finally, Barclays reissued a hold rating and set a $23.00 price target on shares of Cypress Semiconductor in a report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Gates Industrial currently has a consensus rating of Hold and an average price target of $17.00.



NYSE GTES opened at $11.22 on Thursday. The stock has a market capitalization of $3.19 billion, a PE ratio of 8.70 and a beta of 1.89. Gates Industrial has a 52-week low of $10.30 and a 52-week high of $20.29. The business’s 50-day moving average price is $11.20. The company has a quick ratio of 1.99, a current ratio of 2.86 and a debt-to-equity ratio of 1.08.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $804.90 million for the quarter, compared to analysts’ expectations of $844.21 million. Gates Industrial had a return on equity of 15.57% and a net margin of 25.29%. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.25 earnings per share. On average, equities research analysts predict that Gates Industrial will post 1.17 earnings per share for the current year.

In related news, COO Walter Lifsey bought 76,050 shares of the stock in a transaction on Tuesday, May 14th. The shares were bought at an average cost of $13.08 per share, for a total transaction of $994,734.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Grant Gawronski bought 5,000 shares of the stock in a transaction on Monday, May 13th. The shares were bought at an average price of $13.08 per share, for a total transaction of $65,400.00. The disclosure for this purchase can be found here. Insiders have acquired 82,050 shares of company stock worth $1,073,474 over the last 90 days. 0.68% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Diversified Trust Co raised its stake in shares of Gates Industrial by 21.2% in the 2nd quarter. Diversified Trust Co now owns 15,730 shares of the company’s stock valued at $179,000 after acquiring an additional 2,750 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Gates Industrial by 51.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 500,000 shares of the company’s stock valued at $5,705,000 after acquiring an additional 170,000 shares during the period. WINTON GROUP Ltd purchased a new position in shares of Gates Industrial in the 2nd quarter valued at $174,000. Advisory Services Network LLC raised its stake in shares of Gates Industrial by 21.3% in the 1st quarter. Advisory Services Network LLC now owns 18,571 shares of the company’s stock valued at $266,000 after acquiring an additional 3,262 shares during the period. Finally, Marshall Wace North America L.P. purchased a new position in shares of Gates Industrial in the 1st quarter valued at $530,000.

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.

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