Gates Industrial (NYSE:GTES) Given New $27.00 Price Target at Barclays

Gates Industrial (NYSE:GTES) had its price target lifted by Barclays from $25.00 to $27.00 in a report issued on Friday,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on the company. Jefferies Financial Group raised their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. The Goldman Sachs Group lifted their price target on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Citigroup reduced their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada lifted their price target on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, KeyCorp lifted their price target on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.20.

Gates Industrial Stock Performance

Shares of GTES opened at $22.67 on Friday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 31.06 and a beta of 1.37. The stock has a 50 day moving average of $21.00 and a 200 day moving average of $19.45. Gates Industrial has a 12 month low of $13.17 and a 12 month high of $23.34.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. As a group, sell-side analysts forecast that Gates Industrial will post 1.4 earnings per share for the current year.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds have recently added to or reduced their stakes in GTES. GeoWealth Management LLC lifted its stake in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the last quarter. Assetmark Inc. lifted its stake in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial during the fourth quarter worth about $43,000. Versant Capital Management Inc lifted its stake in Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after purchasing an additional 1,598 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the last quarter. 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.