Gates Industrial (NYSE:GTES) Downgraded by Royal Bank of Canada

Gates Industrial (NYSE:GTESGet Rating) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Wednesday, The Fly reports.

GTES has been the subject of several other reports. Zacks Investment Research downgraded Gates Industrial from a “hold” rating to a “sell” rating in a research note on Friday, May 13th. Citigroup dropped their price objective on Gates Industrial from $19.00 to $17.00 in a research note on Thursday, May 5th. Morgan Stanley dropped their price objective on Gates Industrial from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday. TheStreet downgraded Gates Industrial from a “b-” rating to a “c” rating in a research report on Wednesday, May 4th. Finally, Barclays dropped their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Monday, April 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial currently has an average rating of “Hold” and an average target price of $18.75.

GTES opened at $12.76 on Wednesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.80 and a quick ratio of 1.89. The business has a 50 day simple moving average of $13.28 and a 200-day simple moving average of $14.93. Gates Industrial has a 12 month low of $11.57 and a 12 month high of $18.94.

Gates Industrial (NYSE:GTESGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The business had revenue of $893.40 million during the quarter, compared to analyst estimates of $867.69 million. Gates Industrial had a net margin of 7.48% and a return on equity of 10.87%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.33 earnings per share. On average, equities research analysts predict that Gates Industrial will post 1 EPS for the current fiscal year.

In other news, major shareholder Aggregator (Cayman) L.P. Omaha sold 13,750,000 shares of Gates Industrial stock in a transaction on Wednesday, March 30th. The stock was sold at an average price of $15.14, for a total value of $208,175,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.07% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. MML Investors Services LLC boosted its holdings in Gates Industrial by 6.3% in the third quarter. MML Investors Services LLC now owns 13,567 shares of the company’s stock valued at $221,000 after acquiring an additional 807 shares during the last quarter. Dana Investment Advisors Inc. boosted its holdings in Gates Industrial by 0.8% in the first quarter. Dana Investment Advisors Inc. now owns 110,260 shares of the company’s stock valued at $1,661,000 after acquiring an additional 873 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Gates Industrial by 9.5% in the fourth quarter. CIBC Asset Management Inc now owns 13,265 shares of the company’s stock valued at $211,000 after acquiring an additional 1,147 shares during the last quarter. Mariner LLC boosted its holdings in Gates Industrial by 3.2% in the first quarter. Mariner LLC now owns 38,507 shares of the company’s stock valued at $580,000 after acquiring an additional 1,212 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Gates Industrial by 19.8% in the fourth quarter. SG Americas Securities LLC now owns 7,539 shares of the company’s stock valued at $120,000 after acquiring an additional 1,247 shares during the last quarter.

Gates Industrial Company Profile (Get Rating)

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.

See Also

The Fly logo

Analyst Recommendations for Gates Industrial (NYSE:GTES)

Want More Great Investing Ideas?

Receive News & Ratings for Gates Industrial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gates Industrial and related companies with MarketBeat.com's FREE daily email newsletter.