Gates Industrial Corp PLC (NYSE:GTES) Receives $22.80 Consensus Price Target from Analysts

Shares of Gates Industrial Corp PLC (NYSE:GTES) have received a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $22.80.

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Citigroup upped their target price on shares of Gates Industrial from $24.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. 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. KeyCorp boosted their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Finally, Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $21.00 to $25.00 in a research report on Thursday, December 5th.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds have recently modified their holdings of GTES. Headlands Technologies LLC raised its position in Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after acquiring an additional 1,320 shares in the last quarter. Venturi Wealth Management LLC raised its holdings 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 valued at $54,000 after purchasing an additional 814 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Gates Industrial in the 3rd quarter valued at $67,000. GAMMA Investing LLC boosted its holdings in Gates Industrial by 333.9% in the third 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 acquired a new position in Gates Industrial during the third quarter worth $71,000. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Stock Down 1.7 %

GTES stock opened at $20.67 on Wednesday. The firm has a market cap of $5.27 billion, a price-to-earnings ratio of 24.90 and a beta of 1.38. Gates Industrial has a 1-year low of $12.40 and a 1-year high of $23.34. The firm has a fifty day moving average price of $20.88 and a two-hundred day moving average price of $18.32. 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 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.