Gates Industrial (NYSE:GTES) Given New $23.00 Price Target at KeyCorp

Gates Industrial (NYSE:GTES) had its target price increased by KeyCorp from $22.00 to $23.00 in a research note released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also issued reports on GTES. Robert W. Baird cut their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Morgan Stanley initiated coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price on the stock. Evercore ISI boosted their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Finally, The Goldman Sachs Group boosted their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.40.

Gates Industrial Stock Performance

GTES stock opened at $21.99 on Thursday. 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 has a 1 year low of $11.22 and a 1 year high of $22.05. The company has a market cap of $5.60 billion, a P/E ratio of 26.49 and a beta of 1.38. The stock’s fifty day moving average price is $18.87 and its 200-day moving average price is $17.55.

Gates Industrial announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 31st that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Park Avenue Securities LLC increased its holdings in shares of Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock worth $1,043,000 after buying an additional 41,762 shares during the last quarter. First Hawaiian Bank purchased a new position in shares of Gates Industrial in the 2nd quarter worth approximately $520,000. GAMMA Investing LLC increased its position in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Gates Industrial by 799.6% during the 1st quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock valued at $585,000 after buying an additional 29,394 shares during the period. Finally, Castleark Management LLC bought a new stake in Gates Industrial in the first quarter worth $2,761,000. 98.50% of the stock is currently owned by institutional investors.

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.