Barclays Forecasts Strong Price Appreciation for Gates Industrial (NYSE:GTES) Stock

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

Other analysts also recently issued reports about the company. KeyCorp lifted their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. 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 report on Friday, December 6th. Citigroup cut their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Royal Bank of Canada upped their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a report on Friday, February 7th. Finally, The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, December 12th. Three investment 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 presently has an average rating of "Moderate Buy" and an average price target of $23.20.

Gates Industrial Stock Up 2.9 %

Shares of Gates Industrial stock traded up $0.67 on Friday, reaching $23.32. 3,211,923 shares of the company were exchanged, compared to its average volume of 2,326,310. The stock's 50 day moving average price is $21.01 and its 200-day moving average price is $19.50. The company has a market cap of $5.94 billion, a P/E ratio of 31.94 and a beta of 1.37. Gates Industrial has a 1-year low of $13.17 and a 1-year high of $23.41. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.33 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 9.65%. As a group, equities analysts forecast that Gates Industrial will post 1.4 EPS for the current year.

Institutional Investors Weigh In On Gates Industrial

Hedge funds have recently made changes to their positions in the business. CWM LLC raised its stake in Gates Industrial by 45.1% during the 3rd quarter. CWM LLC now owns 57,192 shares of the company's stock valued at $1,004,000 after acquiring an additional 17,785 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Gates Industrial by 2.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company's stock valued at $262,011,000 after purchasing an additional 303,353 shares during the period. Everence Capital Management Inc. purchased a new stake in shares of Gates Industrial during the third quarter worth approximately $247,000. Jade Capital Advisors LLC acquired a new stake in shares of Gates Industrial during the third quarter worth $1,316,000. Finally, Tectonic Advisors LLC lifted its holdings in shares of Gates Industrial by 5.5% during the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company's stock worth $353,000 after purchasing an additional 1,043 shares during the period. Institutional investors and hedge funds 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.