Gates Industrial Corp PLC (NYSE:GTES) Receives $22.50 Consensus PT from Brokerages

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been given an average rating of “Moderate Buy” by the ten research firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $22.50.

GTES has been the topic of several research reports. The Goldman Sachs Group raised their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Citigroup lowered their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. KeyCorp raised their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Royal Bank of Canada raised their target price on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Finally, Jefferies Financial Group raised their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds have recently bought and sold shares of the company. Venturi Wealth Management LLC grew its stake in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares in the last quarter. Bank of Montreal Can lifted its holdings in Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after acquiring an additional 823 shares during the last quarter. Covestor Ltd lifted its holdings in Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares during the last quarter. Tectonic Advisors LLC lifted its holdings in Gates Industrial by 5.5% in the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after acquiring an additional 1,043 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Gates Industrial by 29.0% in the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after acquiring an additional 1,130 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Trading Up 2.2 %

NYSE:GTES opened at $20.95 on Friday. The business’s 50-day moving average is $21.19 and its two-hundred day moving average is $18.91. 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 12 month low of $12.40 and a 12 month high of $23.34. The firm has a market capitalization of $5.34 billion, a PE ratio of 25.23 and a beta of 1.38.

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.