Evercore ISI Increases Gates Industrial (NYSE:GTES) Price Target to $23.00

Gates Industrial (NYSE:GTES - Free Report) had its target price increased by Evercore ISI from $22.00 to $23.00 in a report published on Wednesday morning,Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

GTES has been the subject of a number of other research reports. Citigroup lowered their price target on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a report on Monday, January 13th. Jefferies Financial Group raised their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. KeyCorp raised their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Friday, February 7th. Barclays raised their price target on shares of 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 company a "neutral" rating in a report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $23.90.

Gates Industrial Price Performance

Shares of NYSE:GTES traded down $1.03 during trading on Wednesday, reaching $22.29. The stock had a trading volume of 2,507,105 shares, compared to its average volume of 2,364,532. Gates Industrial has a 52 week low of $14.14 and a 52 week high of $23.85. The business's 50-day moving average price is $21.08 and its 200 day moving average price is $19.60. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The stock has a market capitalization of $5.69 billion, a PE ratio of 30.53 and a beta of 1.37.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. As a group, equities analysts predict that Gates Industrial will post 1.36 earnings per share for the current year.

Institutional Trading of Gates Industrial

A number of institutional investors have recently bought and sold shares of GTES. GeoWealth Management LLC boosted its position in shares of 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 in the last quarter. Assetmark Inc. boosted its position in shares of 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 in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Gates Industrial during the fourth quarter worth $43,000. Versant Capital Management Inc boosted its position in shares of 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 in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of 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 in the last quarter. Institutional investors and hedge funds 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.