Gates Industrial (GTES) Receives a Rating Update from a Top Analyst

In a report released today, Julian Mitchell from Barclays maintained a Hold rating on Gates Industrial (GTES – Research Report), with a price target of $17.00. The company’s shares closed yesterday at $17.74.

Mitchell covers the Industrials sector, focusing on stocks such as 3M, Ingersoll Rand, and Carrier Global. According to TipRanks, Mitchell has an average return of 16.5% and a 66.87% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Gates Industrial with a $18.11 average price target.

Based on Gates Industrial’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $863.3 million and a net profit of $62.9 million. In comparison, last year the company earned a revenue of $893.3 million and had a net profit of $84.9 million

Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is neutral on the stock.

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Gates Industrial (GTES) Company Description:

Gates Industrial Corp. Plc is a holding company, which engages in the manufacture of engineered power transmission and fluid solutions. It operates through the following segments: Power Transmission and Fluid Power. The Power Transmission segment includes elastomer drive belts, and related components used to efficiently transfer motion in a broad range of applications. The Fluid Power segment comprises of hoses, tubing, and fittings designed to convey hydraulic fluid at high-pressures in both mobile and stationary applications, and high-pressure and fluid transfer hoses used to convey various fluids. The company was founded on September 25, 2017 and is headquartered in Denver, CO.