Brokerages Set Gates Industrial Corp PLC (NYSE:GTES) Price Target at $17.40

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been given an average recommendation of “Hold” by the seven brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $16.50.

GTES has been the topic of several analyst reports. ValuEngine lowered shares of Gates Industrial from a “hold” rating to a “sell” rating in a report on Wednesday, June 12th. Zacks Investment Research raised shares of Gates Industrial from a “strong sell” rating to a “hold” rating in a report on Thursday, July 11th. Barclays reaffirmed a “hold” rating and issued a $13.00 price target on shares of Gates Industrial in a report on Thursday, June 6th. Goldman Sachs Group raised shares of Gates Industrial from a “neutral” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Tuesday, June 25th. Finally, TheStreet lowered shares of Gates Industrial from a “c-” rating to a “d+” rating in a report on Monday, June 3rd.

Shares of NYSE:GTES opened at $10.25 on Tuesday. The company has a market capitalization of $2.93 billion, a P/E ratio of 8.01 and a beta of 1.89. Gates Industrial has a 52 week low of $10.12 and a 52 week high of $20.29. The company has a quick ratio of 1.99, a current ratio of 2.86 and a debt-to-equity ratio of 1.08. The business has a 50 day simple moving average of $10.94.

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

In related news, COO Walter Lifsey acquired 76,050 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $13.08 per share, with a total value of $994,734.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Grant Gawronski acquired 5,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were bought at an average cost of $13.08 per share, for a total transaction of $65,400.00. The disclosure for this purchase can be found here. Insiders acquired 82,050 shares of company stock worth $1,073,474 over the last ninety days. Corporate insiders own 0.68% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in GTES. Norges Bank purchased a new stake in shares of Gates Industrial during the fourth quarter valued at $20,847,000. JPMorgan Chase & Co. grew its holdings in shares of Gates Industrial by 7.9% during the first quarter. JPMorgan Chase & Co. now owns 4,766,996 shares of the company’s stock valued at $68,359,000 after buying an additional 350,823 shares during the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of Gates Industrial during the first quarter valued at $4,732,000. Federated Investors Inc. PA grew its holdings in shares of Gates Industrial by 31.3% during the first quarter. Federated Investors Inc. PA now owns 760,000 shares of the company’s stock valued at $10,898,000 after buying an additional 181,300 shares during the last quarter. Finally, Kennedy Capital Management Inc. grew its holdings in shares of Gates Industrial by 58.8% during the first quarter. Kennedy Capital Management Inc. now owns 474,361 shares of the company’s stock valued at $6,802,000 after buying an additional 175,633 shares during the last quarter.

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.

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