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

Gates Industrial (NYSE:GTES) had its target price increased by stock analysts at Royal Bank of Canada from $25.00 to $27.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 19.99% from the company’s previous close.

GTES has been the subject of a number of other reports. Jefferies Financial Group increased their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group upped their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $21.00 to $25.00 in a report on Thursday, December 5th. KeyCorp upped their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday. Finally, Citigroup dropped their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.00.

Gates Industrial Trading Down 3.1 %

Shares of Gates Industrial stock traded down $0.72 on Friday, reaching $22.50. 2,529,947 shares of the company’s stock were exchanged, compared to its average volume of 2,277,113. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The firm’s 50-day moving average is $21.01 and its two-hundred day moving average is $19.25. Gates Industrial has a 52 week low of $12.40 and a 52 week high of $23.34. The company has a market capitalization of $5.73 billion, a P/E ratio of 27.08 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 6.43% and a return on equity of 9.94%. Sell-side analysts predict that Gates Industrial will post 1.26 EPS for the current fiscal year.

Institutional Trading of Gates Industrial

Hedge funds have recently bought and sold shares of the stock. Assetmark Inc. lifted its holdings in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after buying an additional 1,514 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares during the period. Venturi Wealth Management LLC grew its position in shares of 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. SRS Capital Advisors Inc. raised its position in shares of 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 buying an additional 724 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in shares of Gates Industrial in the third quarter valued at approximately $67,000. 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.