KeyCorp Issues Positive Forecast for Gates Industrial (NYSE:GTES) Stock Price

Gates Industrial (NYSE:GTES - Get Free Report) had its target price upped by KeyCorp from $22.00 to $23.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. KeyCorp's target price would suggest a potential upside of 7.53% from the company's current price.

A number of other research firms also recently weighed in on GTES. Barclays raised their price target on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 5th. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, August 1st. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $20.00 to $22.00 in a research note on Monday, August 19th. Morgan Stanley began coverage on Gates Industrial in a research note on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective on the stock. Finally, Evercore ISI lifted their target price on 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 research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.40.

Gates Industrial Stock Up 1.4 %

Gates Industrial stock traded up $0.30 during trading on Thursday, reaching $21.39. 3,435,122 shares of the company's stock were exchanged, compared to its average volume of 3,073,578. The company's 50-day moving average is $18.68 and its two-hundred day moving average is $17.47. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial has a 52-week low of $11.22 and a 52-week high of $21.54. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 25.77 and a beta of 1.38.

Gates Industrial announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 31st that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Institutional Trading of Gates Industrial

Hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC lifted its holdings in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock valued at $27,000 after buying an additional 1,320 shares during the period. Venturi Wealth Management LLC lifted its holdings in 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 acquiring an additional 814 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Gates Industrial during the 3rd quarter valued at about $67,000. GAMMA Investing LLC grew 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 worth $68,000 after purchasing an additional 2,998 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Gates Industrial in the 3rd quarter worth approximately $71,000. 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.