Gates Industrial (NYSE:GTES) Stock Rating Lowered by TheStreet

TheStreet downgraded shares of Gates Industrial (NYSE:GTES) from a b rating to a c+ rating in a research note released on Monday morning, TheStreetRatingsTable reports.

A number of other analysts have also issued reports on GTES. Credit Suisse Group boosted their price target on shares of Gates Industrial from $21.00 to $22.00 and gave the stock a neutral rating in a research note on Tuesday, August 10th. Evercore ISI assumed coverage on shares of Gates Industrial in a research note on Friday, September 3rd. They set an outperform rating and a $23.00 price target on the stock. Zacks Investment Research upgraded shares of Gates Industrial from a hold rating to a buy rating and set a $20.00 price target on the stock in a research note on Wednesday, August 11th. Wolfe Research assumed coverage on shares of Gates Industrial in a research note on Wednesday, May 19th. They set an outperform rating on the stock. Finally, Robert W. Baird reiterated a buy rating on shares of Gates Industrial in a research note on Wednesday, August 25th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Gates Industrial has a consensus rating of Buy and an average target price of $21.45.

NYSE GTES opened at $16.58 on Monday. The firm’s 50-day moving average is $17.24 and its two-hundred day moving average is $17.18. Gates Industrial has a 12 month low of $10.58 and a 12 month high of $18.94. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.52 and a quick ratio of 1.82. The stock has a market capitalization of $4.81 billion, a P/E ratio of 21.26 and a beta of 1.81.

Gates Industrial (NYSE:GTES) last posted its earnings results on Sunday, August 8th. The company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.05. Gates Industrial had a net margin of 6.98% and a return on equity of 11.21%. The company had revenue of $915.10 million for the quarter, compared to analysts’ expectations of $907.86 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. Gates Industrial’s revenue for the quarter was up 58.7% compared to the same quarter last year. As a group, analysts anticipate that Gates Industrial will post 1.32 EPS for the current year.

In other Gates Industrial news, major shareholder Blackstone Inc sold 28,750,000 shares of the stock in a transaction that occurred on Monday, August 16th. The shares were sold at an average price of $15.36, for a total value of $441,600,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.07% of the company’s stock.

A number of institutional investors have recently made changes to their positions in GTES. GW&K Investment Management LLC acquired a new stake in shares of Gates Industrial in the first quarter valued at approximately $54,893,000. Lazard Asset Management LLC boosted its holdings in shares of Gates Industrial by 175,972.5% in the first quarter. Lazard Asset Management LLC now owns 3,035,490 shares of the company’s stock valued at $48,537,000 after acquiring an additional 3,033,766 shares during the period. BlackRock Inc. boosted its holdings in shares of Gates Industrial by 81.2% in the first quarter. BlackRock Inc. now owns 3,761,692 shares of the company’s stock valued at $60,148,000 after acquiring an additional 1,686,263 shares during the period. American Century Companies Inc. boosted its holdings in shares of Gates Industrial by 85.6% in the second quarter. American Century Companies Inc. now owns 3,350,668 shares of the company’s stock valued at $60,547,000 after acquiring an additional 1,545,829 shares during the period. Finally, Jennison Associates LLC acquired a new stake in shares of Gates Industrial in the second quarter valued at approximately $27,786,000.

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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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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