Gates Industrial Corp PLC (NYSE:GTES) – Equities research analysts at KeyCorp upped their FY2018 earnings per share (EPS) estimates for shares of Gates Industrial in a report released on Thursday, November 1st. KeyCorp analyst J. Hammond now expects that the company will post earnings of $1.19 per share for the year, up from their prior forecast of $1.16.
Several other research analysts have also issued reports on GTES. Zacks Investment Research raised Gates Industrial from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a research report on Tuesday. Morgan Stanley dropped their price target on Gates Industrial from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Tuesday. Citigroup dropped their price target on Gates Industrial from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, November 2nd. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $21.00 price target on shares of Gates Industrial in a research note on Thursday, August 2nd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Gates Industrial has a consensus rating of “Buy” and a consensus target price of $20.44.
Shares of NYSE:GTES opened at $14.31 on Monday. Gates Industrial has a 1 year low of $14.05 and a 1 year high of $20.29. The stock has a market cap of $4.26 billion and a P/E ratio of 17.45. The company has a current ratio of 2.47, a quick ratio of 1.75 and a debt-to-equity ratio of 1.36.
A number of institutional investors have recently bought and sold shares of GTES. Cubist Systematic Strategies LLC purchased a new stake in shares of Gates Industrial in the first quarter worth about $180,000. Teacher Retirement System of Texas purchased a new stake in shares of Gates Industrial in the second quarter worth about $191,000. PNC Financial Services Group Inc. boosted its stake in shares of Gates Industrial by 46,566.7% in the second quarter. PNC Financial Services Group Inc. now owns 12,600 shares of the company’s stock worth $206,000 after buying an additional 12,573 shares during the last quarter. Wright Investors Service Inc. purchased a new stake in shares of Gates Industrial in the third quarter worth about $207,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Gates Industrial in the second quarter worth about $231,000.
In other news, insider Ivo Jurek purchased 5,000 shares of the company’s stock in a transaction on Tuesday, November 6th. The shares were acquired at an average price of $14.50 per share, for a total transaction of $72,500.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
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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