Gates Industrial (NYSE:GTES) Price Target Raised to $29.00

Gates Industrial (NYSE:GTES - Get Free Report) had its price target boosted by research analysts at Citigroup from $22.00 to $29.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's target price would indicate a potential upside of 18.91% from the stock's previous close.

Several other research firms have also recently weighed in on GTES. Barclays increased their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Royal Bank Of Canada raised their target price on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Morgan Stanley lowered their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Finally, KeyCorp raised their target price on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $24.44.

Gates Industrial Price Performance

Shares of Gates Industrial stock traded down $0.04 during trading on Monday, hitting $24.39. 1,655,613 shares of the stock traded hands, compared to its average volume of 2,773,249. The company has a quick ratio of 2.35, a current ratio of 3.33 and a debt-to-equity ratio of 0.70. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 29.74 and a beta of 1.22. The firm's fifty day moving average is $22.39 and its 200-day moving average is $20.66. Gates Industrial has a 52 week low of $14.70 and a 52 week high of $24.95.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company earned $0.31 EPS. Research analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Institutional investors and hedge funds have recently bought and sold shares of the stock. GeoWealth Management LLC lifted its position 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 acquiring an additional 789 shares in the last quarter. Assetmark Inc. lifted its position 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 acquiring an additional 1,514 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Gates Industrial in the first quarter valued at about $34,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Gates Industrial in the fourth quarter valued at about $43,000. Finally, Steph & Co. purchased a new position in shares of Gates Industrial in the second quarter valued at about $70,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

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.