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

Gates Industrial (NYSE:GTES) had its price objective hoisted by research analysts at Evercore ISI from $22.00 to $23.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s target price suggests a potential downside of 2.40% from the stock’s current price.

Several other brokerages also recently issued reports on GTES. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Jefferies Financial Group upped their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada raised their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Barclays upped their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Finally, The Goldman Sachs Group raised their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.90.

Gates Industrial Trading Up 1.1 %

Shares of NYSE:GTES traded up $0.27 during midday trading on Wednesday, reaching $23.57. The company had a trading volume of 712,634 shares, compared to its average volume of 2,272,769. The company has a fifty day simple moving average of $21.01 and a two-hundred day simple moving average of $19.50. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 32.28 and a beta of 1.37. Gates Industrial has a 1-year low of $13.17 and a 1-year high of $23.64. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Research analysts predict that Gates Industrial will post 1.36 earnings per share for the current year.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTES. FMR LLC grew its position in Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company’s stock worth $399,931,000 after acquiring an additional 6,383,165 shares in the last quarter. State Street Corp lifted its stake 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 valued at $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Gates Industrial by 1,185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock worth $69,187,000 after purchasing an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Gates Industrial by 540.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock worth $74,247,000 after buying an additional 3,046,064 shares during the last quarter. Finally, Norges Bank bought a new position in Gates Industrial during the fourth quarter valued at about $56,520,000. 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.