Gates Industrial (NYSE:GTES) Price Target Raised to $23.00

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

Other equities research analysts have also issued research reports about the stock. Citigroup reduced 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. Royal Bank of Canada boosted their price target 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. KeyCorp boosted 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. The Goldman Sachs Group boosted 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. Finally, Barclays lifted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $23.90.

Gates Industrial Trading Down 4.4 %

Shares of GTES opened at $22.29 on Wednesday. Gates Industrial has a 1-year low of $14.14 and a 1-year high of $23.85. The company has a 50-day moving average of $21.09 and a 200 day moving average of $19.64. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 30.53 and a beta of 1.37. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share 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%. On average, research analysts expect that Gates Industrial will post 1.36 EPS for the current year.

Institutional Trading of Gates Industrial

Several large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its position in Gates Industrial by 8.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 83,680 shares of the company’s stock worth $1,721,000 after purchasing an additional 6,667 shares during the last quarter. Vise Technologies Inc. grew its position in Gates Industrial by 14.9% during the 4th quarter. Vise Technologies Inc. now owns 20,196 shares of the company’s stock worth $415,000 after purchasing an additional 2,617 shares during the last quarter. Castleark Management LLC grew its position in Gates Industrial by 42.3% during the 4th quarter. Castleark Management LLC now owns 400,860 shares of the company’s stock worth $8,246,000 after purchasing an additional 119,210 shares during the last quarter. PharVision Advisers LLC purchased a new stake in Gates Industrial during the 4th quarter worth approximately $203,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Gates Industrial by 540.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock worth $74,247,000 after purchasing an additional 3,046,064 shares during the last quarter. Hedge funds and other institutional investors 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.