Gates Industrial (NYSE:GTES) Upgraded by Wall Street Zen to Strong-Buy Rating

Wall Street Zen upgraded shares of Gates Industrial (NYSE:GTES) from a buy rating to a strong-buy rating in a report released on Saturday morning.

GTES has been the topic of several other reports. Barclays lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Citigroup lowered their target price on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Royal Bank of Canada raised their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Finally, KeyCorp lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.22.

Gates Industrial Stock Performance

Shares of GTES opened at $22.09 on Friday. The firm’s 50 day moving average is $20.02 and its 200-day moving average is $20.38. The stock has a market capitalization of $5.69 billion, a P/E ratio of 30.26 and a beta of 1.21. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial has a 12-month low of $14.70 and a 12-month high of $23.85.

Gates Industrial (NYSE:GTES) last released its earnings results 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. The business had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. Equities research analysts anticipate that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GTES. GeoWealth Management LLC grew its stake in shares of Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after acquiring an additional 789 shares during the last quarter. Assetmark Inc. increased its position in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares during the period. SVB Wealth LLC bought a new position in Gates Industrial during the first quarter worth $34,000. Aster Capital Management DIFC Ltd bought a new position in Gates Industrial during the fourth quarter worth $43,000. Finally, SRS Capital Advisors Inc. increased its position in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the period. 98.50% of the stock is owned by institutional investors.

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.