Brokerages Set Gates Industrial Corp PLC (NYSE:GTES) Target Price at $22.80

Gates Industrial Corp PLC (NYSE:GTES) has been assigned a consensus recommendation of “Moderate Buy” from the ten analysts that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $22.80.

GTES has been the subject of a number of research analyst reports. Citigroup raised their target price on Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a report on Monday, December 9th. Morgan Stanley initiated coverage on shares of 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. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. Royal Bank of Canada raised their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Finally, KeyCorp upped their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st.

Gates Industrial Stock Down 1.7 %

NYSE:GTES opened at $20.67 on Wednesday. Gates Industrial has a 52 week low of $12.40 and a 52 week high of $23.34. 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 stock’s fifty day moving average is $20.92 and its two-hundred day moving average is $18.36. The stock has a market capitalization of $5.27 billion, a price-to-earnings ratio of 24.90 and a beta of 1.38.

Hedge Funds Weigh In On Gates Industrial

Several large investors have recently bought and sold shares of the business. Venturi Wealth Management LLC increased its stake in Gates Industrial by 35.9% in 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 last quarter. Bank of Montreal Can grew its position in shares of Gates Industrial by 2.5% in the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock valued at $535,000 after buying an additional 823 shares during the last quarter. Covestor Ltd lifted its position in Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares during the last quarter. Tectonic Advisors LLC lifted its position in Gates Industrial by 5.5% in the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock valued at $353,000 after acquiring an additional 1,043 shares during the last quarter. Finally, Fort L.P. boosted its stake in Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock valued at $253,000 after acquiring an additional 1,222 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.