Gates Industrial (NYSE:GTES) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Gates Industrial (NYSE:GTES) from a buy rating to a strong-buy rating in a research note published on Saturday morning,Wall Street Zen reports.

GTES has been the subject of several other research reports. Wells Fargo & Company boosted their price objective on shares of Gates Industrial from $26.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Royal Bank Of Canada increased their target price on shares of Gates Industrial from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Weiss Ratings upgraded shares of Gates Industrial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 3rd. Robert W. Baird boosted their price target on shares of Gates Industrial from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Finally, KeyCorp upped their price objective on shares of Gates Industrial from $31.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, August 3rd. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and an average price target of $32.45.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $26.84 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.36 and a current ratio of 3.24. Gates Industrial has a fifty-two week low of $20.88 and a fifty-two week high of $30.34. The firm has a market capitalization of $6.80 billion, a PE ratio of 19.04 and a beta of 1.26. The stock’s 50-day simple moving average is $26.62 and its 200-day simple moving average is $25.76.

Gates Industrial (NYSE:GTES) last posted its earnings results on Friday, July 31st. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The firm had revenue of $941.60 million during the quarter, compared to analysts’ expectations of $927.28 million. Gates Industrial had a return on equity of 10.11% and a net margin of 10.37%.The firm’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 earnings per share. Gates Industrial has set its FY 2026 guidance at 1.620-1.700 EPS. As a group, equities research analysts forecast that Gates Industrial will post 1.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other Gates Industrial news, Director Peifang Zhang sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $29.56, for a total value of $177,360.00. Following the completion of the sale, the director owned 44,044 shares in the company, valued at approximately $1,301,940.64. The trade was a 11.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors have recently modified their holdings of the business. Norges Bank purchased a new stake in Gates Industrial in the 4th quarter valued at $74,843,000. Arrowstreet Capital Limited Partnership grew its position in Gates Industrial by 62.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,251,585 shares of the company’s stock worth $50,908,000 after purchasing an additional 868,734 shares during the last quarter. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Gates Industrial in the second quarter valued at $21,142,000. Franklin Resources Inc. increased its stake in Gates Industrial by 5.5% in the fourth quarter. Franklin Resources Inc. now owns 7,305,065 shares of the company’s stock valued at $156,840,000 after purchasing an additional 381,896 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Gates Industrial by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 11,546,581 shares of the company’s stock valued at $261,040,000 after purchasing an additional 295,706 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Company Profile

Gates Industrial Corporation plc (NYSE: GTES) is a global manufacturer of power transmission and fluid power products. The company supplies engineered components used to transfer motion and power, control the flow of fluids, and manage industrial and automotive systems.

Its product portfolio includes synchronous and V-belts, belt drives, hydraulic and industrial hose systems, couplings, tensioners, pulleys, and related replacement and maintenance products. Gates serves original equipment manufacturers and aftermarket customers across industries such as industrial machinery, energy, transportation, agriculture, construction, and automotive.

Gates traces its history to 1911, when Charles Gates acquired a Colorado tire and rubber company.