Gates Industrial (NYSE:GTES) Stock Price Up 8.3%

Gates Industrial Corp PLC (NYSE:GTES)’s stock price was up 8.3% during mid-day trading on Friday . The stock traded as high as $9.38 and last traded at $9.24, approximately 1,173,100 shares traded hands during mid-day trading. An increase of 136% from the average daily volume of 496,867 shares. The stock had previously closed at $8.53.

Several research analysts have recently issued reports on GTES shares. KeyCorp decreased their target price on Gates Industrial from $19.00 to $15.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Goldman Sachs Group raised Gates Industrial from a “neutral” rating to a “buy” rating and set a $15.00 target price for the company in a research report on Tuesday, June 25th. Zacks Investment Research raised Gates Industrial from a “strong sell” rating to a “hold” rating in a research report on Friday. Morgan Stanley set a $9.00 target price on Gates Industrial and gave the stock a “hold” rating in a research report on Monday, August 12th. Finally, ValuEngine raised Gates Industrial from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $13.56.

The company has a current ratio of 2.91, a quick ratio of 2.06 and a debt-to-equity ratio of 1.07. The company has a market cap of $2.42 billion, a PE ratio of 7.22 and a beta of 2.02. The firm has a 50 day moving average of $9.51 and a two-hundred day moving average of $11.58.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). The company had revenue of $809.90 million during the quarter, compared to analysts’ expectations of $846.93 million. Gates Industrial had a return on equity of 13.03% and a net margin of 23.82%. The business’s quarterly revenue was down 7.5% on a year-over-year basis. On average, research analysts forecast that Gates Industrial Corp PLC will post 0.91 EPS for the current year.

In related news, EVP Grant Gawronski purchased 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of $7.63 per share, for a total transaction of $61,040.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Blackstone Group Inc purchased 114,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was bought at an average price of $8.43 per share, for a total transaction of $961,020.00. The disclosure for this purchase can be found here. Insiders purchased a total of 1,286,808 shares of company stock worth $10,573,815 in the last 90 days. 0.71% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. Advisory Services Network LLC boosted its stake in Gates Industrial by 21.3% during the 1st quarter. Advisory Services Network LLC now owns 18,571 shares of the company’s stock valued at $266,000 after purchasing an additional 3,262 shares during the last quarter. Marshall Wace LLP boosted its stake in Gates Industrial by 3.1% during the 1st quarter. Marshall Wace LLP now owns 106,266 shares of the company’s stock valued at $1,524,000 after purchasing an additional 3,150 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Gates Industrial during the 2nd quarter valued at $494,000. Swiss National Bank boosted its stake in Gates Industrial by 2.1% during the 2nd quarter. Swiss National Bank now owns 107,900 shares of the company’s stock valued at $1,231,000 after purchasing an additional 2,200 shares during the last quarter. Finally, Sapience Investments LLC purchased a new stake in Gates Industrial during the 2nd quarter valued at $7,654,000.

About Gates Industrial (NYSE:GTES)

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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