Barclays Forecasts Strong Price Appreciation for Gates Industrial (NYSE:GTES) Stock

Gates Industrial (NYSE:GTES) had its target price lifted by Barclays from $25.00 to $27.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 19.09% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group raised their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Royal Bank of Canada boosted their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Finally, KeyCorp lifted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $23.20.

Gates Industrial Trading Up 2.2 %

Shares of GTES opened at $22.67 on Friday. Gates Industrial has a fifty-two week low of $13.17 and a fifty-two week high of $23.34. The company has a market capitalization of $5.78 billion, a PE ratio of 31.06 and a beta of 1.37. The stock has a fifty day moving average of $21.00 and a two-hundred day moving average of $19.46. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. As a group, analysts forecast that Gates Industrial will post 1.4 EPS for the current year.

Institutional Trading of Gates Industrial

Several large investors have recently modified their holdings of the business. FMR LLC raised its position in shares of Gates Industrial by 48.9% in the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. State Street Corp boosted its stake in Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after acquiring an additional 3,459,450 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Gates Industrial by 1,185.0% during the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock worth $69,187,000 after acquiring an additional 3,101,738 shares in the last quarter. Norges Bank bought a new stake in shares of Gates Industrial in the 4th quarter worth about $56,520,000. Finally, Zimmer Partners LP raised its stake in shares of Gates Industrial by 141.2% in the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after purchasing an additional 2,466,543 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.