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

Gates Industrial (NYSE:GTES) had its price objective raised by Barclays from $25.00 to $27.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts also recently weighed in on GTES. Jefferies Financial Group upped their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. KeyCorp upped their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Citigroup cut their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Finally, Royal Bank of Canada upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus price target of $23.20.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.67 on Friday. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 31.06 and a beta of 1.37. 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 company has a 50-day simple moving average of $21.00 and a 200 day simple moving average of $19.47. Gates Industrial has a 52 week low of $13.17 and a 52 week high of $23.34.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. On average, sell-side analysts predict that Gates Industrial will post 1.4 earnings per share for the current year.

Hedge Funds Weigh In On Gates Industrial

Several large investors have recently modified their holdings of GTES. GeoWealth Management LLC raised its stake in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after acquiring an additional 789 shares during the last quarter. Assetmark Inc. raised its stake 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 valued at $32,000 after acquiring an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial during the fourth quarter valued at $43,000. Versant Capital Management Inc raised its stake in shares of Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in shares of Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

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.