Gates Industrial (NYSE:GTES) Announces Quarterly Earnings Results, Meets Expectations

Gates Industrial (NYSE:GTES) announced its quarterly earnings results on Thursday. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33, Zacks reports. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%.

Gates Industrial Stock Up 2.2 %

Shares of Gates Industrial stock opened at $22.67 on Friday. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. Gates Industrial has a 12 month low of $13.17 and a 12 month high of $23.34. The business has a fifty day simple moving average of $21.00 and a 200 day simple moving average of $19.45. The stock has a market cap of $5.78 billion, a PE ratio of 31.06 and a beta of 1.37.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GTES shares. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Jefferies Financial Group lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada lifted their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Barclays lifted their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Citigroup cut their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.20.

Gates Industrial Company Profile

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.