Gates Industrial Corp PLC (NYSE:GTES – Get Rating)'s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $10.33 and last traded at $10.48, with a volume of 7991 shares trading hands. The stock had previously closed at $10.67.
Wall Street Analyst Weigh In
GTES has been the subject of several recent analyst reports. Credit Suisse Group set a $13.00 price objective on shares of Gates Industrial in a research report on Tuesday, July 19th. Evercore ISI cut shares of Gates Industrial from an "outperform" rating to an "in-line" rating and reduced their price target for the company from $15.00 to $13.50 in a research report on Thursday, August 11th. Morgan Stanley dropped their price objective on Gates Industrial from $15.00 to $13.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 31st. The Goldman Sachs Group reduced their target price on Gates Industrial from $17.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, June 23rd. Finally, KeyCorp dropped their price target on Gates Industrial from $18.00 to $15.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 12th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial has an average rating of "Hold" and an average target price of $13.94.
Get Gates Industrial alerts:Gates Industrial Price Performance
The company has a 50-day moving average of $11.56 and a 200-day moving average of $12.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.01 and a current ratio of 2.91. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 14.62 and a beta of 1.62.
Gates Industrial (NYSE:GTES – Get Rating) last released its quarterly earnings results on Friday, August 5th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.20 by $0.11. Gates Industrial had a return on equity of 9.79% and a net margin of 6.24%. The business had revenue of $906.80 million during the quarter, compared to analysts' expectations of $918.39 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. The company's quarterly revenue was down .9% compared to the same quarter last year. As a group, equities research analysts predict that Gates Industrial Corp PLC will post 1.03 earnings per share for the current year.Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in GTES. Bank of America Corp DE boosted its holdings in Gates Industrial by 23.6% in the 4th quarter. Bank of America Corp DE now owns 258,361 shares of the company's stock valued at $4,110,000 after purchasing an additional 49,265 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Gates Industrial in the 4th quarter valued at approximately $180,000. Rhumbline Advisers boosted its stake in shares of Gates Industrial by 5.5% in the fourth quarter. Rhumbline Advisers now owns 80,616 shares of the company's stock valued at $1,283,000 after buying an additional 4,204 shares in the last quarter. People s United Financial Inc. grew its holdings in Gates Industrial by 2.8% during the fourth quarter. People s United Financial Inc. now owns 73,056 shares of the company's stock worth $1,162,000 after acquiring an additional 1,965 shares during the period. Finally, Pitcairn Co. raised its position in Gates Industrial by 25.6% in the fourth quarter. Pitcairn Co. now owns 26,699 shares of the company's stock worth $425,000 after acquiring an additional 5,446 shares in the last quarter.
Gates Industrial Company Profile
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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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