Gates Industrial (NYSE:GTES) Given Overweight Rating at Barclays

Key Points

• Barclays has raised its price target for Gates Industrial (NYSE:GTES) from $26.00 to $28.00, indicating a potential upside of 13.57% from the current trading price.
• Goldman Sachs, Royal Bank of Canada, and UBS Group have also adjusted their price targets for Gates Industrial, with the stock receiving a consensus rating of "Moderate Buy" and a target price of $26.67.
• Gates Industrial reported earnings of $0.39 per share, exceeding estimates, with revenue of $883.70 million for the quarter, although it showed a year-over-year decline of 0.2%.

Barclays reiterated their overweight rating on shares of Gates Industrial (NYSE:GTES - Free Report) in a research note published on Monday morning, Marketbeat reports. Barclays currently has a $28.00 target price on the stock, up from their prior target price of $26.00.

Other analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 12th. UBS Group lifted their price objective on shares of Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Citigroup upped their price objective on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. KeyCorp boosted their target price on Gates Industrial from $26.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Royal Bank Of Canada upped their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and a consensus price target of $26.67.

Gates Industrial Trading Up 0.4%

NYSE:GTES traded up $0.10 during trading hours on Monday, hitting $23.98. The stock had a trading volume of 181,496 shares, compared to its average volume of 2,315,451. The company has a market cap of $6.18 billion, a price-to-earnings ratio of 30.74 and a beta of 1.24. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The business's 50 day moving average is $23.39 and its 200-day moving average is $21.13. Gates Industrial has a one year low of $14.70 and a one year high of $25.66.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $883.70 million during the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. The firm's quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. Sell-side analysts anticipate that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Gates Industrial by 4.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after acquiring an additional 1,845 shares during the period. GAMMA Investing LLC grew its position in Gates Industrial by 81.0% during the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock valued at $168,000 after buying an additional 4,073 shares during the period. QRG Capital Management Inc. increased its holdings in Gates Industrial by 4.5% during the first quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock valued at $701,000 after buying an additional 1,626 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in Gates Industrial by 1.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock worth $1,443,000 after acquiring an additional 1,015 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Gates Industrial by 15.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock valued at $2,227,000 after acquiring an additional 16,224 shares during the period. 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.