Brokerages Set Gates Industrial Corp PLC (NYSE:GTES) PT at $22.80

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

Several equities analysts recently commented on GTES shares. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $21.00 to $25.00 in a research note on Thursday, December 5th. Morgan Stanley began coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price for the company. Citigroup increased their price objective on shares of Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Jefferies Financial Group raised their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group increased their target price on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th.

Gates Industrial Stock Down 1.7 %

GTES stock opened at $20.67 on Wednesday. Gates Industrial has a 52-week low of $12.40 and a 52-week high of $23.34. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The stock has a market capitalization of $5.27 billion, a price-to-earnings ratio of 24.90 and a beta of 1.38. The company has a 50-day moving average of $20.88 and a two-hundred day moving average of $18.32.

Hedge Funds Weigh In On Gates Industrial

Several large investors have recently bought and sold shares of GTES. Raymond James Trust N.A. acquired a new position in Gates Industrial during the second quarter valued at approximately $190,000. Bank of New York Mellon Corp raised its holdings in Gates Industrial by 33.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 591,722 shares of the company’s stock worth $9,355,000 after buying an additional 147,846 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Gates Industrial by 4.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,554 shares of the company’s stock valued at $560,000 after buying an additional 1,616 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Gates Industrial by 8.9% during the second quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock worth $241,000 after acquiring an additional 1,250 shares in the last quarter. Finally, Hantz Financial Services Inc. acquired a new stake in shares of Gates Industrial during the second quarter worth $271,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.