Gates Industrial (GTES) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Gates Industrial (NYSE:GTES) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The firm currently has $17.00 price target on the stock.

According to Zacks, “Gates Industrial Corporation PLC is a manufacturer of engineered power transmission and fluid power solutions. The company offers portfolio of products to diverse replacement channel customers and to original equipment manufacturers as specified components. It serves agriculture, construction, manufacturing, energy and consumer applications industries. The company operates primarily in the Americas; Europe, Middle East & Africa; Greater China and East Asia & India. Gates Industrial Corporation PLC is based in Denver, Colorado. “

GTES has been the subject of a number of other research reports. Citigroup reduced their target price on Gates Industrial from $23.00 to $22.00 and set a buy rating for the company in a report on Friday, November 2nd. Royal Bank of Canada reaffirmed a buy rating and issued a $21.00 price target on shares of Gates Industrial in a research note on Thursday, August 2nd. Finally, Morgan Stanley dropped their price target on shares of Gates Industrial from $22.00 to $21.00 and set a buy rating on the stock in a research note on Thursday, August 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Gates Industrial presently has a consensus rating of Buy and an average price target of $20.44.

Shares of GTES traded down $0.55 during mid-day trading on Tuesday, reaching $14.77. The company’s stock had a trading volume of 131,672 shares, compared to its average volume of 507,511. The firm has a market capitalization of $4.06 billion and a P/E ratio of 18.01. Gates Industrial has a 1 year low of $14.05 and a 1 year high of $20.29. The company has a quick ratio of 1.75, a current ratio of 2.62 and a debt-to-equity ratio of 1.31.

In related news, insider Ivo Jurek purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average cost of $14.50 per share, with a total value of $72,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Gates Industrial by 15.8% during the second quarter. BlackRock Inc. now owns 2,877,315 shares of the company’s stock worth $46,811,000 after buying an additional 392,076 shares during the last quarter. First Manhattan Co. acquired a new position in Gates Industrial during the second quarter worth $4,307,000. Wells Fargo & Company MN acquired a new position in Gates Industrial during the first quarter worth $1,503,000. Rhumbline Advisers increased its position in Gates Industrial by 16.7% during 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 during the last quarter. Finally, Peregrine Capital Management LLC increased its position in Gates Industrial by 2.7% during the third quarter. Peregrine Capital Management LLC now owns 1,214,145 shares of the company’s stock worth $23,676,000 after buying an additional 32,200 shares during the last quarter.

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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