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

Gates Industrial (NYSE:GTES) had its price target raised by stock analysts at KeyCorp from $22.00 to $23.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price objective would indicate a potential upside of 9.06% from the company’s current price.

GTES has been the subject of several other research reports. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $22.00 in a research note on Monday, August 19th. The Goldman Sachs Group upped their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Robert W. Baird cut their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Morgan Stanley initiated coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Finally, Evercore ISI lifted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.40.

Gates Industrial Stock Performance

NYSE:GTES opened at $21.09 on Thursday. 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 firm has a market capitalization of $5.37 billion, a PE ratio of 25.41 and a beta of 1.38. Gates Industrial has a twelve month low of $11.22 and a twelve month high of $21.54. The stock’s 50-day simple moving average is $18.68 and its 200 day simple moving average is $17.47.

Gates Industrial declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Gates Industrial

A number of institutional investors have recently bought and sold shares of GTES. State Street Corp raised its position in shares of Gates Industrial by 112.9% in the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after acquiring an additional 3,459,450 shares in the last quarter. Vanguard Group Inc. grew its stake in Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after purchasing an additional 2,678,954 shares during the period. Zimmer Partners LP increased its holdings in Gates Industrial by 141.2% in the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after purchasing an additional 2,466,543 shares in the last quarter. Fred Alger Management LLC boosted its holdings in shares of Gates Industrial by 156.8% during the 2nd quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after buying an additional 1,627,482 shares in the last quarter. Finally, Jennison Associates LLC grew its position in shares of Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after buying an additional 1,268,407 shares during the period. Institutional investors own 98.50% of the company’s stock.

About Gates Industrial

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.