In a report released today, Deane Dray from RBC Capital maintained a Hold rating on Gates Industrial (GTES), with a price target of $8.00. The company’s shares closed last Wednesday at $6.96, close to its 52-week low of $5.43.
According to TipRanks.com, Dray is a 4-star analyst with an average return of 1.9% and a 49.7% success rate. Dray covers the Industrial Goods sector, focusing on stocks such as Atkore International Group, Emerson Electric Company, and Honeywell International.
Gates Industrial has an analyst consensus of Moderate Buy, with a price target consensus of $9.00.
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Based on Gates Industrial’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $726 million and net profit of $19.4 million. In comparison, last year the company earned revenue of $792 million and had a net profit of $75.6 million.
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GTES in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Gates Industrial Corp. Plc is a holding company, which engages in the manufacture of engineered power transmission and fluid solutions. It operates through the following segments: Power Transmission and Fluid Power. The Power Transmission segment includes elastomer drive belts, and related components used to efficiently transfer motion in a broad range of applications. The Fluid Power segment comprises of hoses, tubing, and fittings designed to convey hydraulic fluid at high-pressures in both mobile and stationary applications, and high-pressure and fluid transfer hoses used to convey various fluids. The company was founded on September 25, 2017 and is headquartered in Denver, CO.
