Gates Industrial Corp PLC (NYSE:GTES) Receives Average Rating of “Moderate Buy” from Brokerages

Gates Industrial Corp PLC (NYSE:GTES) has been given an average rating of “Moderate Buy” by the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $18.00.

GTES has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They issued a “buy” rating and a $21.00 price target on the stock. TheStreet upgraded shares of Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Tuesday. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research report on Friday, March 8th. Finally, Evercore ISI boosted their target price on shares of Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th.

Gates Industrial Stock Performance

NYSE:GTES opened at $17.18 on Friday. The firm’s 50-day moving average is $16.05 and its 200-day moving average is $13.58. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $17.86. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08. The company has a market cap of $4.54 billion, a price-to-earnings ratio of 20.21 and a beta of 1.57.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.10. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The business had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. Equities research analysts anticipate that Gates Industrial will post 1.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Wilson S. Neely bought 10,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the acquisition, the director now owns 56,664 shares in the company, valued at approximately $750,231.36. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Ivo Jurek bought 20,492 shares of the business’s stock in a transaction on Friday, February 16th. The shares were bought at an average cost of $12.20 per share, for a total transaction of $250,002.40. Following the completion of the acquisition, the chief executive officer now owns 626,088 shares in the company, valued at approximately $7,638,273.60. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Wilson S. Neely acquired 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were bought at an average cost of $13.24 per share, with a total value of $132,400.00. Following the transaction, the director now directly owns 56,664 shares of the company’s stock, valued at $750,231.36. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 1,030,492 shares of company stock worth $12,582,402. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Several large investors have recently made changes to their positions in the stock. Advisory Services Network LLC increased its position in shares of Gates Industrial by 2.9% during the fourth quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after acquiring an additional 978 shares in the last quarter. Natixis Advisors L.P. increased its position in shares of Gates Industrial by 2.1% during the second quarter. Natixis Advisors L.P. now owns 47,443 shares of the company’s stock worth $640,000 after acquiring an additional 982 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Gates Industrial by 1.7% during the third quarter. Public Employees Retirement System of Ohio now owns 59,458 shares of the company’s stock worth $580,000 after acquiring an additional 1,010 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Gates Industrial by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 16,784 shares of the company’s stock worth $234,000 after acquiring an additional 1,060 shares in the last quarter. Finally, Mariner LLC increased its position in shares of Gates Industrial by 3.2% during the first quarter. Mariner LLC now owns 38,507 shares of the company’s stock worth $580,000 after acquiring an additional 1,212 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

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.