Gates Industrial (NYSE:GTES - Free Report) had its target price hoisted by KeyCorp from $23.00 to $27.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.
GTES has been the topic of a number of other research reports. Royal Bank of Canada upped their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the company an "outperform" rating in a research note on Thursday, December 12th. Jefferies Financial Group upped their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Barclays upgraded shares of Gates Industrial from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Thursday, December 12th. Finally, Citigroup dropped their target price 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. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and an average target price of $23.00.
Check Out Our Latest Stock Report on Gates Industrial
Gates Industrial Price Performance
Shares of GTES stock traded down $0.21 during mid-day trading on Friday, hitting $22.37. The company had a trading volume of 1,518,923 shares, compared to its average volume of 2,329,992. The company has a market capitalization of $5.70 billion, a P/E ratio of 30.62 and a beta of 1.37. The stock's 50 day moving average price is $21.02 and its 200-day moving average price is $19.34. 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 has a 52-week low of $12.41 and a 52-week high of $23.34.
Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly 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 9.65%. Equities research analysts forecast that Gates Industrial will post 1.4 earnings per share for the current year.
Hedge Funds Weigh In On Gates Industrial
Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC boosted its position in shares of Gates Industrial by 4.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 15,546,064 shares of the company's stock valued at $317,461,000 after acquiring an additional 616,687 shares during the last quarter. FMR LLC lifted its position in Gates Industrial by 4.5% in the third quarter. FMR LLC now owns 13,059,271 shares of the company's stock valued at $229,190,000 after buying an additional 562,643 shares during the last quarter. State Street Corp lifted its position in Gates Industrial by 112.9% in the third quarter. State Street Corp now owns 6,523,366 shares of the company's stock valued at $114,485,000 after buying an additional 3,459,450 shares during the last quarter. Jennison Associates LLC lifted its position in Gates Industrial by 31.5% in the fourth quarter. Jennison Associates LLC now owns 5,300,805 shares of the company's stock valued at $109,038,000 after buying an additional 1,268,716 shares during the last quarter. Finally, GW&K Investment Management LLC lifted its position in Gates Industrial by 25.8% in the fourth quarter. GW&K Investment Management LLC now owns 5,105,351 shares of the company's stock valued at $105,017,000 after buying an additional 1,047,946 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.
Gates Industrial Company Profile
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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.
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