Gates Industrial Corp PLC (NYSE:GTES) Given Average Recommendation of “Hold” by Brokerages

Posted by on Aug 3rd, 2022

Gates Industrial Corp PLC (NYSE:GTES – Get Rating) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $15.50.

Several research analysts have issued reports on GTES shares. Wolfe Research cut shares of Gates Industrial from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 6th. Barclays dropped their target price on shares of Gates Industrial from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Friday, July 8th. KeyCorp dropped their target price on shares of Gates Industrial from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, July 12th. Citigroup dropped their target price on shares of Gates Industrial from $19.00 to $17.00 in a report on Thursday, May 5th. Finally, Morgan Stanley lowered their price target on shares of Gates Industrial from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 31st.

Institutional Trading of Gates Industrial

A number of institutional investors have recently bought and sold shares of GTES. Qube Research & Technologies Ltd acquired a new stake in Gates Industrial in the 4th quarter worth approximately $1,943,000. XML Financial LLC raised its position in Gates Industrial by 29.0% during the 4th quarter. XML Financial LLC now owns 23,342 shares of the company’s stock worth $371,000 after buying an additional 5,250 shares during the last quarter. M.D. Sass Investors Services Inc. raised its position in Gates Industrial by 91.0% during the 4th quarter. M.D. Sass Investors Services Inc. now owns 1,571,910 shares of the company’s stock worth $25,010,000 after buying an additional 748,824 shares during the last quarter. Handelsinvest Investeringsforvaltning raised its position in Gates Industrial by 5.7% during the 4th quarter. Handelsinvest Investeringsforvaltning now owns 560,000 shares of the company’s stock worth $8,910,000 after buying an additional 30,000 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Gates Industrial by 15.3% during the 4th quarter. American Century Companies Inc. now owns 5,463,190 shares of the company’s stock worth $86,919,000 after buying an additional 723,382 shares during the last quarter.

Gates Industrial Stock Performance

GTES stock opened at $12.11 on Wednesday. Gates Industrial has a 12 month low of $10.37 and a 12 month high of $18.69. The firm’s 50-day moving average is $11.64 and its 200 day moving average is $13.49. The company has a quick ratio of 1.89, a current ratio of 2.80 and a debt-to-equity ratio of 0.79.

Gates Industrial (NYSE:GTES – Get 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 company had revenue of $893.40 million during the quarter, compared to analysts’ expectations of $867.69 million. Gates Industrial had a return on equity of 10.87% and a net margin of 7.48%. The company’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.33 EPS. On average, analysts anticipate that Gates Industrial will post 0.93 earnings per share for the current fiscal year.

Gates Industrial Company Profile

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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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