Gates Industrial Corp PLC (NYSE:GTES) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $22.50.

A number of analysts have weighed in on the stock. KeyCorp increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Citigroup cut their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. The Goldman Sachs Group lifted their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Finally, Jefferies Financial Group upped their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently modified their holdings of GTES. Venturi Wealth Management LLC lifted its position in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock valued at $535,000 after purchasing an additional 823 shares in the last quarter. Covestor Ltd boosted its position in shares of Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after buying an additional 1,001 shares during the last quarter. Tectonic Advisors LLC grew its holdings in Gates Industrial by 5.5% during the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after buying an additional 1,043 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after buying an additional 1,130 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Trading Down 0.1 %

NYSE GTES opened at $20.77 on Friday. The firm has a market capitalization of $5.29 billion, a PE ratio of 25.02 and a beta of 1.38. The business’s 50-day moving average price is $21.18 and its two-hundred day moving average price is $19.00. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial has a 12 month low of $12.40 and a 12 month high of $23.34.

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.