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

Gates Industrial (NYSE:GTES - Get Free Report) had its target price boosted by research analysts at Barclays from $23.00 to $26.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target suggests a potential upside of 6.34% from the company's current price.

Several other brokerages have also commented on GTES. The Goldman Sachs Group upped their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Royal Bank Of Canada increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Citigroup lowered their target price on Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Wall Street Zen lowered shares of Gates Industrial from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Three equities 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.com, the company has a consensus rating of "Moderate Buy" and an average price target of $23.56.

Gates Industrial Trading Down 1.2%

GTES stock traded down $0.29 during midday trading on Wednesday, hitting $24.45. 1,250,624 shares of the company's stock were exchanged, compared to its average volume of 2,783,695. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $24.95. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $6.30 billion, a PE ratio of 29.82 and a beta of 1.22. The business has a 50-day simple moving average of $22.13 and a two-hundred day simple moving average of $20.58.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million during the quarter, compared to analysts' expectations of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The company's revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.31 EPS. On average, sell-side analysts predict that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Gates Industrial

Hedge funds have recently bought and sold shares of the stock. FMR LLC grew its position in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after buying an additional 6,383,165 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Gates Industrial by 1,185.0% during the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock worth $69,187,000 after acquiring an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings 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 acquiring an additional 3,046,064 shares in the last quarter. Norges Bank purchased a new stake in shares of Gates Industrial in the 4th quarter valued at approximately $56,520,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Gates Industrial in the 4th quarter valued at $42,080,000. Institutional investors and hedge funds 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.