Gates Industrial (NYSE:GTES) Cut to Buy at Wall Street Zen

by · The Markets Daily

Wall Street Zen downgraded shares of Gates Industrial (NYSE:GTES – Free Report) from a strong-buy rating to a buy rating in a research note released on Friday morning.

Several other brokerages have also issued reports on GTES. KeyCorp increased their target price on Gates Industrial from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Barclays increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Morgan Stanley decreased their target price on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. The Goldman Sachs Group raised their price objective on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, May 27th. Finally, Citigroup reduced their price objective on Gates Industrial from $27.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.22.

Read Our Latest Report on GTES

Gates Industrial Trading Up 1.2%

Shares of GTES stock opened at $23.18 on Friday. The stock has a market capitalization of $5.98 billion, a PE ratio of 28.27 and a beta of 1.21. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $23.85. The business has a 50-day moving average of $20.94 and a 200 day moving average of $20.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35.

Gates Industrial (NYSE:GTES – Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The business had revenue of $847.60 million during the quarter, compared to analysts’ expectations of $823.56 million. During the same quarter last year, the business posted $0.31 EPS. The business’s revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current year.

Institutional Trading of Gates Industrial

Institutional investors and hedge funds have recently modified their holdings of the business. GeoWealth Management LLC increased its holdings in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of Gates Industrial in the 1st quarter worth $34,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Gates Industrial in the 4th quarter worth $43,000. Finally, SRS Capital Advisors Inc. increased its holdings in shares of Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Company Profile

(Get Free Report)

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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