Gates Industrial (NYSE:GTES) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Gates Industrial (NYSE:GTES) from a strong sell rating to a hold rating in a research report report published on Thursday, Zacks.com reports.

According to Zacks, “Gates Industrial Corporation PLC is a manufacturer of engineered power transmission and fluid power solutions. The company offers portfolio of products to diverse replacement channel customers and to original equipment manufacturers as specified components. It serves agriculture, construction, manufacturing, energy and consumer applications industries. The company operates primarily in the Americas; Europe, Middle East & Africa; Greater China and East Asia & India. Gates Industrial Corporation PLC is based in Denver, Colorado. “

Several other equities analysts also recently commented on GTES. Barclays restated a hold rating and issued a $23.00 price target on shares of Cypress Semiconductor in a research note on Thursday, June 6th. Goldman Sachs Group set a GBX 6,870 ($89.77) price target on shares of Reckitt Benckiser Group and gave the stock a neutral rating in a research note on Tuesday, June 25th. TheStreet downgraded shares of Viavi Solutions from a b- rating to a c+ rating in a research note on Monday, June 3rd. Finally, ValuEngine downgraded shares of Welbilt from a hold rating to a sell rating in a research note on Wednesday, June 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and an average price target of $17.00.

Gates Industrial stock opened at $11.22 on Thursday. Gates Industrial has a fifty-two week low of $10.30 and a fifty-two week high of $20.29. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.86 and a quick ratio of 1.99. The firm has a 50 day moving average of $11.20. The firm has a market cap of $3.19 billion, a P/E ratio of 8.70 and a beta of 1.89.

Gates Industrial (NYSE:GTES) last posted its earnings results on Tuesday, May 7th. The company reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.01). Gates Industrial had a net margin of 25.29% and a return on equity of 15.57%. The company had revenue of $804.90 million during the quarter, compared to analyst estimates of $844.21 million. During the same quarter last year, the business posted $0.25 EPS. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. As a group, research analysts predict that Gates Industrial will post 1.17 earnings per share for the current year.

In other news, COO Walter Lifsey bought 76,050 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average price of $13.08 per share, for a total transaction of $994,734.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Grant Gawronski bought 5,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $13.08 per share, with a total value of $65,400.00. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 82,050 shares of company stock valued at $1,073,474. Insiders own 0.68% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC acquired a new position in shares of Gates Industrial during the first quarter worth $33,000. Quantamental Technologies LLC grew its stake in shares of Gates Industrial by 146.7% during the first quarter. Quantamental Technologies LLC now owns 3,700 shares of the company’s stock worth $53,000 after purchasing an additional 2,200 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Gates Industrial during the second quarter worth $174,000. Diversified Trust Co grew its stake in shares of Gates Industrial by 21.2% during the second quarter. Diversified Trust Co now owns 15,730 shares of the company’s stock worth $179,000 after purchasing an additional 2,750 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Gates Industrial by 7.3% during the fourth quarter. Legal & General Group Plc now owns 15,298 shares of the company’s stock worth $203,000 after purchasing an additional 1,040 shares in the last quarter.

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.

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