Gates Industrial (NYSE:GTES) Upgraded at Wall Street Zen

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

A number of other brokerages have also weighed in on GTES. KeyCorp reaffirmed an “overweight” rating and set a $30.00 target price (up previously from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Industrial Alliance Securities set a $35.00 price objective on shares of Gates Industrial in a research note on Monday, August 25th. Citigroup boosted their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. JPMorgan Chase & Co. assumed coverage on shares of Gates Industrial in a research note on Monday, August 25th. They set an “overweight” rating and a $35.00 price objective on the stock. Finally, Barclays reissued an “overweight” rating and set a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.18.

Gates Industrial Stock Down 0.8%

GTES opened at $25.54 on Friday. The company’s 50-day moving average price is $25.05 and its two-hundred day moving average price is $22.38. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $26.42. The stock has a market cap of $6.58 billion, a price-to-earnings ratio of 32.74 and a beta of 1.25.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The business had revenue of $883.70 million for the quarter, compared to analysts’ expectations of $873.34 million. During the same period in the prior year, the company posted $0.36 EPS. The business’s revenue for the quarter was down .2% compared to the same quarter last year. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, equities analysts expect that Gates Industrial will post 1.36 earnings per share for the current year.

Institutional Trading of Gates Industrial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. increased its stake in shares of Gates Industrial by 3.1% in the second quarter. Invesco Ltd. now owns 7,635,419 shares of the company’s stock worth $175,844,000 after purchasing an additional 226,578 shares in the last quarter. State Street Corp increased its stake in shares of Gates Industrial by 2.4% in the second quarter. State Street Corp now owns 7,346,884 shares of the company’s stock worth $169,199,000 after purchasing an additional 170,597 shares in the last quarter. Fiduciary Management Inc. WI increased its stake in shares of Gates Industrial by 0.6% in the first quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company’s stock worth $133,774,000 after purchasing an additional 41,541 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Gates Industrial by 30.5% in the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock worth $127,386,000 after purchasing an additional 1,618,598 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Gates Industrial by 4.2% in the second quarter. American Century Companies Inc. now owns 6,461,861 shares of the company’s stock worth $148,817,000 after purchasing an additional 261,429 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other 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.