Gates Industrial (NYSE:GTES) Price Target Raised to $24.00

Gates Industrial (NYSE:GTES) had its price target raised by The Goldman Sachs Group from $21.00 to $24.00 in a research note published on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the company. Evercore ISI raised their price objective on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Royal Bank of Canada lifted their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday. Citigroup increased their target price on shares of Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Morgan Stanley began coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Finally, Jefferies Financial Group increased their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.80.

Gates Industrial Stock Down 0.7 %

Shares of NYSE GTES opened at $21.99 on Thursday. Gates Industrial has a 12-month low of $12.03 and a 12-month high of $23.34. The stock’s fifty day simple moving average is $20.30 and its two-hundred day simple moving average is $18.08. The stock has a market capitalization of $5.60 billion, a PE ratio of 26.49 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.

Hedge Funds Weigh In On Gates Industrial

Institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC increased its stake in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares during the period. Venturi Wealth Management LLC boosted its holdings in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Gates Industrial during the 3rd quarter valued at about $67,000. GAMMA Investing LLC lifted its holdings in shares of Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after buying an additional 2,998 shares during the period. Finally, Quarry LP purchased a new stake in shares of Gates Industrial in the third quarter worth about $71,000. 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.