Analysts Set Gates Industrial Corp PLC (NYSE:GTES) Price Target at $22.50

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been given a consensus recommendation of “Moderate Buy” by the ten analysts that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $22.50.

A number of equities research analysts have recently weighed in on the company. KeyCorp lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $21.00 to $25.00 in a report on Thursday, December 5th. Royal Bank of Canada lifted their price target on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Finally, The Goldman Sachs Group boosted their target price on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its position in Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after buying an additional 1,598 shares during the last quarter. Venturi Wealth Management LLC grew its position in Gates Industrial by 35.9% during 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 in the last quarter. Capital Performance Advisors LLP purchased a new position in Gates Industrial during the 3rd quarter worth approximately $67,000. GAMMA Investing LLC grew its position in Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after purchasing an additional 2,998 shares in the last quarter. Finally, Quarry LP purchased a new position in Gates Industrial during the 3rd quarter worth approximately $71,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Stock Performance

GTES opened at $20.95 on Friday. The business’s 50 day moving average is $21.19 and its 200-day moving average is $18.91. The stock has a market cap of $5.34 billion, a PE ratio of 25.23 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial has a twelve month low of $12.40 and a twelve month high of $23.34.

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.