Gates Industrial (NYSE:GTES) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Gates Industrial (NYSE:GTES) had its price objective hoisted by analysts at Royal Bank of Canada from $22.00 to $26.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 18.24% from the company’s current price.

A number of other research analysts have also recently commented on the company. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $21.00 to $25.00 in a research note on Thursday, December 5th. Jefferies Financial Group boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. KeyCorp raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Morgan Stanley started coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price on the stock. Finally, Citigroup raised their price target 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. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.80.

Gates Industrial Price Performance

GTES stock opened at $21.99 on Thursday. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of 26.49 and a beta of 1.38. 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 company has a 50 day simple moving average of $20.30 and a 200 day simple moving average of $18.07. Gates Industrial has a 1 year low of $12.03 and a 1 year high of $23.34.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GTES. Allspring Global Investments Holdings LLC grew its stake in Gates Industrial by 2.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares during the period. FMR LLC boosted its holdings in shares of Gates Industrial by 4.5% during the 3rd quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after buying an additional 562,643 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Gates Industrial by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after buying an additional 1,037,741 shares during the period. State Street Corp lifted its position in shares of Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after acquiring an additional 3,459,450 shares during the period. Finally, Zimmer Partners LP boosted its stake in Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after acquiring an additional 2,466,543 shares in the last quarter. 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.