Gates Industrial (NYSE:GTES) Hits New 1-Year High on Analyst Upgrade

Gates Industrial Corp PLC (NYSE:GTES - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday after KeyCorp raised their price target on the stock from $22.00 to $23.00. KeyCorp currently has an overweight rating on the stock. Gates Industrial traded as high as $21.85 and last traded at $21.84, with a volume of 372725 shares. The stock had previously closed at $21.39.

GTES has been the subject of a number of other research reports. Barclays lifted 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 note on Tuesday, November 5th. The Goldman Sachs Group increased their target price on Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, August 1st. Robert W. Baird decreased their price target on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their price objective for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Finally, Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the company 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $20.40.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors have recently modified their holdings of GTES. Headlands Technologies LLC boosted its stake in Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company's stock worth $27,000 after buying an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company's stock valued at $54,000 after purchasing an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new position in Gates Industrial during the third quarter worth approximately $67,000. GAMMA Investing LLC raised its stake in Gates Industrial by 333.9% during the third 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 period. Finally, Quarry LP acquired a new position in shares of Gates Industrial in the 3rd quarter valued at $71,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Price Performance

The company has a market capitalization of $5.60 billion, a PE ratio of 26.49 and a beta of 1.38. 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's 50 day moving average price is $18.87 and its 200-day moving average price is $17.54.

Gates Industrial declared that its board has authorized 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 repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.