Gates Industrial (NYSE:GTES) Upgraded to “Overweight” at Barclays

Barclays upgraded shares of Gates Industrial (NYSE:GTES) from an equal weight rating to an overweight rating in a report issued on Thursday morning, MarketBeat Ratings reports. The brokerage currently has $25.00 target price on the stock, up from their previous target price of $21.00.

Other analysts have also recently issued research reports about the company. Evercore ISI increased their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Morgan Stanley started coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Three investment 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.80.

Gates Industrial Stock Up 2.2 %

Shares of NYSE GTES opened at $22.93 on Thursday. Gates Industrial has a one year low of $11.22 and a one year high of $23.34. 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 business’s fifty day moving average price is $19.72 and its 200-day moving average price is $17.88. The stock has a market capitalization of $5.84 billion, a PE ratio of 27.63 and a beta of 1.38.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC lifted its stake in shares of Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC lifted its stake in shares of Gates Industrial by 35.9% in the 3rd 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. Capital Performance Advisors LLP purchased a new position in shares of Gates Industrial in the 3rd quarter valued at approximately $67,000. GAMMA Investing LLC lifted its stake in shares of Gates Industrial by 333.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the period. Finally, Quarry LP purchased a new position in shares of Gates Industrial in the 3rd quarter valued at approximately $71,000. Hedge funds and other 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.