Gates Industrial (NYSE:GTES) Price Target Raised to $27.00

Gates Industrial (NYSE:GTES) had its target price raised by KeyCorp from $23.00 to $27.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also weighed in on GTES. Citigroup decreased their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Royal Bank of Canada upped their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. The Goldman Sachs Group boosted their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. Finally, Jefferies Financial Group upped their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Gates Industrial Stock Down 2.8 %

Shares of NYSE GTES opened at $22.56 on Friday. The stock has a market capitalization of $5.75 billion, a P/E ratio of 30.90 and a beta of 1.37. Gates Industrial has a 1 year low of $12.40 and a 1 year high of $23.34. The company has a 50-day moving average price of $21.02 and a 200-day moving average price of $19.31. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. On average, equities research analysts forecast that Gates Industrial will post 1.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Large investors have recently bought and sold shares of the stock. Assetmark Inc. lifted its position in shares of Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares during the period. Versant Capital Management Inc lifted its stake in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares during the period. Venturi Wealth Management LLC grew its position in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the period. SRS Capital Advisors Inc. lifted its holdings in Gates Industrial by 38.1% in the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after acquiring an additional 724 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Gates Industrial in the 3rd quarter worth $67,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.