Gates Industrial (NYSE:GTES) Given New $27.00 Price Target at Royal Bank of Canada

Gates Industrial (NYSE:GTES - Free Report) had its price objective increased by Royal Bank of Canada from $25.00 to $27.00 in a report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also recently commented on GTES. KeyCorp upped their target price on shares of Gates Industrial from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Friday. Jefferies Financial Group upped their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a research note on Friday, December 6th. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a research note on Thursday, December 12th. Barclays upgraded shares of Gates Industrial from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $21.00 to $25.00 in a research note on Thursday, December 5th. Finally, Citigroup lowered their price target 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 research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.00.

Gates Industrial Stock Performance

Shares of Gates Industrial stock traded down $0.21 on Friday, reaching $22.36. The stock had a trading volume of 2,468,540 shares, compared to its average volume of 2,367,420. The business's 50-day moving average price is $21.02 and its two-hundred day moving average price is $19.34. 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 fifty-two week low of $12.41 and a fifty-two week high of $23.34. The stock has a market cap of $5.70 billion, a P/E ratio of 30.63 and a beta of 1.37.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. On average, sell-side analysts forecast that Gates Industrial will post 1.4 EPS for the current year.

Institutional Investors Weigh In On Gates Industrial

A number of hedge funds have recently added to or reduced their stakes in GTES. Assetmark Inc. grew its holdings in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after acquiring an additional 1,514 shares during the last quarter. Versant Capital Management Inc grew its holdings in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock worth $51,000 after acquiring an additional 1,598 shares during the last quarter. Venturi Wealth Management LLC lifted its position in Gates Industrial by 35.9% during the 3rd 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. SRS Capital Advisors Inc. lifted its position in Gates Industrial by 38.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after purchasing an additional 724 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in Gates Industrial during the 3rd quarter valued at about $67,000. Institutional investors 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.