Gates Industrial Corp PLC (NYSE:GTES) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned a consensus recommendation of “Moderate Buy” from the ten research firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $22.50.

Several research analysts recently issued reports on the company. Citigroup dropped their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. The Goldman Sachs Group increased their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, November 21st. Finally, Jefferies Financial Group increased their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Gates Industrial Trading Up 0.9 %

GTES opened at $20.49 on Friday. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of 24.68 and a beta of 1.38. The stock’s 50 day moving average price is $21.20 and its 200-day moving average price is $18.82. Gates Industrial has a one year low of $12.40 and a one year high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Institutional Trading of Gates Industrial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kera Capital Partners Inc. purchased a new position in Gates Industrial in the 4th quarter worth $205,000. Park Avenue Securities LLC raised its stake in Gates Industrial by 29.1% in the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock worth $1,027,000 after acquiring an additional 11,251 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Gates Industrial in the 4th quarter worth $2,154,000. Oliver Luxxe Assets LLC purchased a new position in Gates Industrial in the 4th quarter worth $1,665,000. Finally, GAMMA Investing LLC raised its stake in Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after acquiring an additional 1,130 shares during the last quarter. Hedge funds and other institutional investors 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.