Gates Industrial (NYSE:GTES) Given New $26.00 Price Target at Barclays

Gates Industrial (NYSE:GTES) had its target price lowered by Barclays from $27.00 to $26.00 in a report released on Monday, MarketBeat reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also recently weighed in on GTES. Evercore ISI raised their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group raised their target price 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. KeyCorp upped their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Citigroup lowered their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, Royal Bank of Canada lifted their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $24.22.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $18.97 on Monday. The company’s fifty day moving average is $21.05 and its two-hundred day moving average is $19.95. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The firm has a market capitalization of $4.84 billion, a P/E ratio of 25.98 and a beta of 1.33. Gates Industrial has a one year low of $15.14 and a one year high of $23.85.

Gates Industrial (NYSE:GTES) last issued 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 net margin of 5.72% and a return on equity of 9.75%. Analysts forecast that Gates Industrial will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Hedge funds have recently made changes to their positions in the stock. GeoWealth Management LLC raised its holdings in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. lifted its position in 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 buying an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial in the fourth quarter worth $43,000. Versant Capital Management Inc raised its stake in shares of 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 acquiring an additional 1,598 shares during the period. Finally, Venturi Wealth Management LLC lifted 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 acquiring an additional 814 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.