Gates Industrial (NYSE:GTES) Stock Price Expected to Rise, Citigroup Analyst Says

Gates Industrial (NYSE:GTES) had its target price boosted by Citigroup from $24.00 to $27.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 20.81% from the stock’s current price.

Several other research analysts have also issued reports on GTES. Morgan Stanley started coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. KeyCorp lifted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Jefferies Financial Group upped their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Finally, Evercore ISI boosted their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.00.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $22.35 on Monday. Gates Industrial has a twelve month low of $11.65 and a twelve month high of $23.34. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The firm has a 50-day moving average of $20.01 and a two-hundred day moving average of $17.98. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of 26.93 and a beta of 1.38.

Institutional Trading of Gates Industrial

Institutional investors have recently made changes to their positions in the stock. CWM LLC raised its holdings in shares of Gates Industrial by 58.6% during the second quarter. CWM LLC now owns 39,407 shares of the company’s stock worth $623,000 after acquiring an additional 14,555 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Gates Industrial by 602.9% in the 2nd quarter. SG Americas Securities LLC now owns 66,419 shares of the company’s stock valued at $1,050,000 after buying an additional 56,970 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Gates Industrial by 44.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company’s stock worth $551,000 after buying an additional 10,776 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Gates Industrial by 88.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company’s stock valued at $325,000 after acquiring an additional 9,640 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its stake in Gates Industrial by 1.8% in the second quarter. Wedge Capital Management L L P NC now owns 158,449 shares of the company’s stock valued at $2,505,000 after acquiring an additional 2,851 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.