Gates Industrial Corp PLC Forecasted to Earn FY2018 Earnings of $1.19 Per Share (GTES)

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Gates Industrial Corp PLC (NYSE:GTES) – Equities research analysts at KeyCorp boosted their FY2018 earnings per share (EPS) estimates for Gates Industrial in a research note issued on Thursday, November 1st. KeyCorp analyst J. Hammond now expects that the company will earn $1.19 per share for the year, up from their previous estimate of $1.16.

Other analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of 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. Royal Bank of Canada reiterated a “buy” rating and issued a $21.00 target price on shares of Gates Industrial in a research report on Thursday, August 2nd. Morgan Stanley dropped their target price on shares of Gates Industrial from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, August 2nd. Finally, Citigroup dropped their target price on shares of Gates Industrial from $23.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $20.67.

Shares of NYSE GTES opened at $14.35 on Monday. Gates Industrial has a 52-week low of $14.05 and a 52-week high of $20.29. The stock has a market capitalization of $4.26 billion and a PE ratio of 17.50. The company has a current ratio of 2.47, a quick ratio of 1.75 and a debt-to-equity ratio of 1.36.

Several large investors have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in shares of Gates Industrial by 16.7% in the second quarter. Rhumbline Advisers now owns 38,852 shares of the company’s stock worth $632,000 after buying an additional 5,559 shares in the last quarter. Waddell & Reed Financial Inc. lifted its stake in shares of Gates Industrial by 3.3% in the second quarter. Waddell & Reed Financial Inc. now owns 310,000 shares of the company’s stock worth $5,044,000 after buying an additional 10,000 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Gates Industrial by 9.5% in the third quarter. Wells Fargo & Company MN now owns 117,771 shares of the company’s stock worth $2,296,000 after buying an additional 10,184 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Gates Industrial in the first quarter worth about $180,000. Finally, Wright Investors Service Inc. purchased a new position in shares of Gates Industrial in the third quarter worth about $207,000.

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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Earnings History and Estimates for Gates Industrial (NYSE:GTES)

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