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

Gates Industrial (NYSE:GTES - Get Free Report) had its price target lifted by analysts at Citigroup from $22.00 to $29.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective points to a potential upside of 16.68% from the company's current price.

Several other analysts also recently weighed in on the company. Barclays lifted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. Morgan Stanley dropped their price target on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. KeyCorp boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Finally, The Goldman Sachs Group boosted their price target on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $24.44.

Gates Industrial Price Performance

Shares of GTES stock traded up $0.42 on Monday, reaching $24.86. The company's stock had a trading volume of 2,170,031 shares, compared to its average volume of 2,770,846. The stock's fifty day simple moving average is $22.39 and its 200-day simple moving average is $20.66. 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 company has a market capitalization of $6.41 billion, a price-to-earnings ratio of 30.31 and a beta of 1.22.

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

Institutional Investors Weigh In On Gates Industrial

A number of large investors have recently bought and sold shares of GTES. State of Alaska Department of Revenue lifted its holdings in Gates Industrial by 5.8% in the second quarter. State of Alaska Department of Revenue now owns 195,499 shares of the company's stock valued at $4,501,000 after acquiring an additional 10,715 shares during the period. Steph & Co. acquired a new position in Gates Industrial in the second quarter valued at approximately $70,000. Public Employees Retirement System of Ohio lifted its holdings in Gates Industrial by 16.2% in the second quarter. Public Employees Retirement System of Ohio now owns 84,635 shares of the company's stock valued at $1,949,000 after acquiring an additional 11,775 shares during the period. Oliver Luxxe Assets LLC lifted its holdings in Gates Industrial by 1.0% in the second quarter. Oliver Luxxe Assets LLC now owns 102,338 shares of the company's stock valued at $2,357,000 after acquiring an additional 1,039 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Gates Industrial by 14.7% in the second quarter. GAMMA Investing LLC now owns 10,433 shares of the company's stock valued at $240,000 after acquiring an additional 1,334 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.