Gates Industrial (NYSE:GTES) Price Target Raised to $23.00 at Evercore ISI

Gates Industrial (NYSE:GTES) had its price objective hoisted by Evercore ISI from $22.00 to $23.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an in-line rating on the stock.

Several other equities analysts have also recently issued reports on the stock. KeyCorp boosted their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Jefferies Financial Group boosted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Barclays boosted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Finally, Royal Bank of Canada boosted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.90.

Gates Industrial Stock Down 4.4 %

GTES stock opened at $22.29 on Wednesday. The firm’s fifty day simple moving average is $21.09 and its 200-day simple moving average is $19.64. The company has a market capitalization of $5.69 billion, a P/E ratio of 30.53 and a beta of 1.37. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial has a 12 month low of $14.14 and a 12 month high of $23.85.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, equities research analysts forecast that Gates Industrial will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Gates Industrial

A number of large investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio raised its position in Gates Industrial by 8.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 83,680 shares of the company’s stock worth $1,721,000 after acquiring an additional 6,667 shares during the period. Vise Technologies Inc. grew its holdings in shares of Gates Industrial by 14.9% during the fourth quarter. Vise Technologies Inc. now owns 20,196 shares of the company’s stock worth $415,000 after buying an additional 2,617 shares in the last quarter. Castleark Management LLC grew its holdings in shares of Gates Industrial by 42.3% during the fourth quarter. Castleark Management LLC now owns 400,860 shares of the company’s stock worth $8,246,000 after buying an additional 119,210 shares in the last quarter. PharVision Advisers LLC purchased a new stake in shares of Gates Industrial during the fourth quarter worth $203,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Gates Industrial by 540.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock worth $74,247,000 after buying an additional 3,046,064 shares in the last quarter. 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.