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

Gates Industrial (NYSE:GTES) had its price target hoisted by investment analysts at Barclays from $25.00 to $27.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 21.29% from the company’s current price.

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

Gates Industrial Stock Performance

GTES traded up $0.08 during trading on Friday, reaching $22.26. 96,660 shares of the company’s stock were exchanged, compared to its average volume of 2,241,499. Gates Industrial has a fifty-two week low of $13.17 and a fifty-two week high of $23.34. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average price of $21.00 and a 200 day moving average price of $19.42. The company has a market capitalization of $5.67 billion, a P/E ratio of 30.53 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last issued 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 return on equity of 9.65% and a net margin of 5.72%. As a group, analysts predict that Gates Industrial will post 1.4 earnings per share for the current fiscal year.

Institutional Trading of Gates Industrial

A number of hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Gates Industrial by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company’s stock valued at $317,461,000 after purchasing an additional 616,687 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Gates Industrial by 2.3% during the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company’s stock valued at $152,354,000 after purchasing an additional 168,328 shares in the last quarter. Fiduciary Management Inc. WI boosted its stake in shares of Gates Industrial by 0.3% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company’s stock valued at $148,615,000 after purchasing an additional 21,191 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after purchasing an additional 3,459,450 shares in the last quarter. 98.50% of the stock is 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.