In yesterday’s Wall Street session, Gates Industrial Corporation plc (NYSE:GTES) shares traded at $17.23, down -1.43% from the previous session.
GTES stock price is now 4.34% away from the 50-day moving average and 18.90% away from the 200-day moving average. The market capitalization of the company currently stands at $4.50B.
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With the price target maintained at $20, Wolfe Research recently Upgraded its rating from Peer Perform to Outperform for Gates Industrial Corporation plc (NYSE: GTES). On February 29, 2024, Jefferies recently initiated its ‘Buy’ rating on the stock quoting a target price of $21, while ‘KeyBanc Capital Markets’ rates the stock as ‘Overweight’
In other news, Blackstone Inc., 10% Owner sold 20,125,000 shares of the company’s stock on May 21 ’24. The stock was sold for $328,641,250 at an average price of $16.33. Upon completion of the transaction, the 10% Owner now directly owns 77,326 shares in the company, valued at $1.33 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 21 ’24, 10% Owner Omaha Aggregator (Cayman) L.P. sold 20,125,000 shares of the business’s stock. A total of $328,641,250 was realized by selling the stock at an average price of $16.33. This leaves the insider owning 77,326 shares of the company worth $1.33 million. A total of 20.77% of the company’s stock is owned by insiders.
During the past 12 months, Gates Industrial Corporation plc has had a low of $10.68 and a high of $17.99. As of last week, the company has a debt-to-equity ratio of 0.77, a current ratio of 3.06, and a quick ratio of 2.15. According to the stock market information, the enterprise value for the company is $6734581760, which is based on a 18.90 price-to-earnings ratio, a 1.72 price-to-earnings-growth ratio, and a beta of 1.45. The fifty day moving average price for GTES is $16.5256 and a two-hundred day moving average price translates $14.67215 for the stock.
The latest earnings results from Gates Industrial Corporation plc (NYSE: GTES) was released for 2024-03-30. The net profit margin was 6.98% and return on equity was 7.72% for GTES. The company reported revenue of $862.6 million for the quarter, compared to $897.7 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -3.91 percent.
