Gates Industrial (NYSE:GTES) Given New $26.00 Price Target at Barclays

Gates Industrial (NYSE:GTES - Get Free Report) had its price target boosted by Barclays from $23.00 to $26.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's target price indicates a potential upside of 5.18% from the stock's previous close.

A number of other analysts also recently issued reports on the stock. KeyCorp increased their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Morgan Stanley reduced their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Citigroup reduced their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Wall Street Zen cut shares of Gates Industrial from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Three 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $23.56.

Gates Industrial Stock Up 1.0%

Shares of NYSE:GTES traded up $0.25 during trading hours on Wednesday, hitting $24.72. The company's stock had a trading volume of 1,179,405 shares, compared to its average volume of 2,785,164. The firm's fifty day moving average price is $21.92 and its 200 day moving average price is $20.53. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.33 and a quick ratio of 2.35. Gates Industrial has a 52 week low of $14.70 and a 52 week high of $24.92. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 30.15 and a beta of 1.22.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $847.60 million during the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a net margin of 6.39% and a return on equity of 10.15%. Gates Industrial's revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 EPS. As a group, research analysts expect that Gates Industrial will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently bought and sold shares of GTES. GeoWealth Management LLC boosted its stake in shares of Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. boosted its stake in shares of Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after purchasing an additional 1,514 shares during the period. SVB Wealth LLC purchased a new position in shares of Gates Industrial in the first quarter valued at approximately $34,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Gates Industrial in the fourth quarter valued at approximately $43,000. Finally, MetLife Investment Management LLC boosted its stake in shares of Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after purchasing an additional 567 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.