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

Gates Industrial (NYSE:GTES) had its target price hoisted by Royal Bank of Canada from $25.00 to $27.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

GTES has been the topic of a number of other reports. The Goldman Sachs Group raised their price target on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Jefferies Financial Group raised their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Citigroup reduced their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. KeyCorp raised their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Barclays raised 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 report on Thursday, December 5th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $23.00.

Gates Industrial Trading Down 2.8 %

Gates Industrial stock opened at $22.56 on Friday. Gates Industrial has a one year low of $12.40 and a one year high of $23.34. The business’s fifty day moving average is $21.02 and its 200 day moving average is $19.31. 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 $5.75 billion, a PE ratio of 30.90 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share 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 9.65%. On average, sell-side analysts predict that Gates Industrial will post 1.4 EPS for the current year.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assetmark Inc. boosted its position in shares of Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares during the last quarter. Versant Capital Management Inc grew its position in Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after acquiring an additional 1,598 shares in the last quarter. SRS Capital Advisors Inc. increased its stake in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the last quarter. Venturi Wealth Management LLC raised its position in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of Gates Industrial in the 3rd quarter valued at approximately $67,000. 98.50% of the stock is owned by institutional investors.

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.