Gates Industrial (NYSE:GTES) Raised to Hold at Wells Fargo & Company

by · The Markets Daily

Gates Industrial (NYSE:GTES – Get Free Report) was upgraded by research analysts at Wells Fargo & Company to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other analysts have also weighed in on the company. Wall Street Zen raised Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 4th. Industrial Alliance Securities set a $35.00 price target on Gates Industrial in a report on Monday, August 25th. JPMorgan Chase & Co. reduced their price objective on Gates Industrial from $35.00 to $33.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. KeyCorp reaffirmed an “overweight” rating and issued a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. Finally, UBS Group dropped their target price on shares of Gates Industrial from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and a consensus target price of $27.17.

Read Our Latest Analysis on GTES

Gates Industrial Stock Down 1.8%

Shares of NYSE:GTES traded down $0.40 during midday trading on Thursday, reaching $22.08. The company had a trading volume of 2,295,406 shares, compared to its average volume of 3,098,163. The stock has a market capitalization of $5.70 billion, a P/E ratio of 24.26 and a beta of 1.25. The stock’s fifty day moving average price is $24.56 and its 200-day moving average price is $23.63. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50. Gates Industrial has a one year low of $14.70 and a one year high of $26.46.

Gates Industrial (NYSE:GTES – Get Free Report) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $855.70 million for the quarter, compared to the consensus estimate of $860.95 million. Gates Industrial had a net margin of 6.93% and a return on equity of 10.38%. The firm’s revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. Equities research analysts expect that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Insider Transactions at Gates Industrial

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the transaction, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. This represents a 11.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning increased its position in Gates Industrial by 31.7% in the 3rd quarter. Creative Planning now owns 20,329 shares of the company’s stock valued at $505,000 after acquiring an additional 4,894 shares during the period. Schonfeld Strategic Advisors LLC increased its holdings in shares of Gates Industrial by 606.3% during the third quarter. Schonfeld Strategic Advisors LLC now owns 428,783 shares of the company’s stock valued at $10,642,000 after purchasing an additional 368,074 shares during the period. Amundi raised its stake in shares of Gates Industrial by 20.2% during the third quarter. Amundi now owns 45,458 shares of the company’s stock valued at $1,160,000 after purchasing an additional 7,637 shares in the last quarter. Man Group plc raised its stake in shares of Gates Industrial by 10.6% during the third quarter. Man Group plc now owns 461,749 shares of the company’s stock valued at $11,461,000 after purchasing an additional 44,404 shares in the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new stake in Gates Industrial in the third quarter worth about $658,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

About Gates Industrial

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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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