Gates Industrial (NYSE:GTES) Announces Earnings Results

Gates Industrial (NYSE:GTES) released its quarterly earnings results on Thursday. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33, Zacks reports. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%.

Gates Industrial Price Performance

Shares of GTES stock opened at $22.67 on Friday. The stock’s fifty day simple moving average is $21.00 and its 200 day simple moving average is $19.45. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 31.06 and a beta of 1.37. Gates Industrial has a one year low of $13.17 and a one year high of $23.34.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GTES. Royal Bank of Canada raised their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Barclays raised their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday. KeyCorp raised their target price on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Citigroup lowered their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, The Goldman Sachs Group raised their target price on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $23.20.

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.