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

Shares of Gates Industrial Corporation PLC (NYSE:GTES) have earned an average recommendation of “Moderate Buy” from the twelve analysts that are currently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $27.0909.

Several research analysts have weighed in on GTES shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, December 29th. Wall Street Zen downgraded shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Saturday. Zacks Research lowered shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Royal Bank Of Canada decreased their price objective on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, October 30th. Finally, Citigroup lowered their price objective on shares of Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th.

Gates Industrial Price Performance

NYSE:GTES opened at $22.80 on Friday. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $26.46. The company has a market cap of $5.89 billion, a P/E ratio of 25.05 and a beta of 1.24. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52. The stock’s 50-day simple moving average is $22.00 and its 200 day simple moving average is $23.84.

Insiders Place Their Bets

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the transaction, the chief financial officer owned 177,627 shares of the company’s stock, valued at $4,044,566.79. The trade was a 11.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its stake in Gates Industrial by 45.0% in the 1st quarter. Royal Bank of Canada now owns 626,865 shares of the company’s stock valued at $11,541,000 after acquiring an additional 194,592 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of Gates Industrial in the first quarter valued at $939,000. EP Wealth Advisors LLC raised its position in shares of Gates Industrial by 14.2% in the first quarter. EP Wealth Advisors LLC now owns 16,524 shares of the company’s stock valued at $304,000 after purchasing an additional 2,056 shares during the period. Shellback Capital LP acquired a new stake in shares of Gates Industrial during the 1st quarter worth about $16,906,000. Finally, Sciencast Management LP acquired a new stake in shares of Gates Industrial during the 1st quarter worth about $210,000. 98.50% of the stock is currently owned by institutional investors.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.