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

Gates Industrial (NYSE:GTES - Get Free Report) had its target price hoisted by KeyCorp from $23.00 to $26.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. KeyCorp's price target would suggest a potential upside of 18.83% from the company's current price.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Wall Street Zen lowered shares of Gates Industrial from a "strong-buy" rating to a "buy" rating in a report on Friday. Citigroup dropped 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. Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. Finally, Morgan Stanley decreased their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $23.22.

Gates Industrial Price Performance

Shares of GTES stock traded up $0.14 during mid-day trading on Monday, hitting $21.88. The company had a trading volume of 206,035 shares, compared to its average volume of 2,849,487. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The stock's 50 day moving average price is $19.36 and its 200-day moving average price is $20.38. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $23.85. The company has a market capitalization of $5.64 billion, a P/E ratio of 29.99 and a beta of 1.21.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The company's quarterly 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 earnings per share. Equities research analysts forecast that Gates Industrial will post 1.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Strs Ohio bought a new stake in shares of Gates Industrial in the 1st quarter worth approximately $8,916,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Gates Industrial by 9.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company's stock valued at $72,825,000 after buying an additional 346,250 shares during the last quarter. Empowered Funds LLC bought a new position in Gates Industrial in the 1st quarter valued at approximately $381,000. Dean Capital Management increased its position in shares of Gates Industrial by 2.3% during the first quarter. Dean Capital Management now owns 71,196 shares of the company's stock worth $1,311,000 after buying an additional 1,576 shares during the period. Finally, Aristeia Capital L.L.C. acquired a new position in Gates Industrial in the first quarter valued at approximately $193,000. 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.

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