Barclays Forecasts Strong Price Appreciation for Gates Industrial (NYSE:GTES) Stock

Gates Industrial (NYSE:GTES - Get Free Report) had its price target hoisted by stock analysts at Barclays from $23.00 to $26.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price objective points to a potential upside of 6.34% from the stock's previous close.

A number of other analysts have also recently commented on GTES. Morgan Stanley cut their price objective on 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 boosted their price objective on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen cut Gates Industrial from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Royal Bank Of Canada boosted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, KeyCorp boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and an average price target of $23.56.

Gates Industrial Stock Up 2.2%

GTES stock traded up $0.52 during trading on Wednesday, reaching $24.45. 1,554,821 shares of the company traded hands, compared to its average volume of 2,790,250. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $24.48. The business has a 50 day simple moving average of $21.92 and a 200 day simple moving average of $20.53. The company has a market capitalization of $6.30 billion, a price-to-earnings ratio of 29.82 and a beta of 1.22. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. The company 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%. Gates Industrial's quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the business earned $0.31 earnings per share. On average, equities research analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. GeoWealth Management LLC lifted its position in 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 buying an additional 789 shares during the last quarter. Assetmark Inc. increased its stake in shares of Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after buying an additional 1,514 shares during the period. SVB Wealth LLC purchased a new stake in shares of Gates Industrial during the first quarter worth approximately $34,000. Aster Capital Management DIFC Ltd acquired a new position in Gates Industrial in the fourth quarter valued at approximately $43,000. Finally, MetLife Investment Management LLC boosted its holdings in 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 in the last quarter. Institutional investors and hedge funds 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.