Gates Industrial (NYSE:GTES) Price Target Raised to $30.00 at UBS Group

Key Points

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Gates Industrial (NYSE:GTES - Free Report) had its price objective upped by UBS Group from $27.00 to $30.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

GTES has been the subject of a number of other reports. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. KeyCorp reissued an "overweight" rating and set a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research note on Thursday. Citigroup upped their target price on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. Morgan Stanley dropped their price target 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. Finally, Barclays upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $26.67.

Gates Industrial Stock Performance

Shares of Gates Industrial stock traded up $0.32 during trading hours on Thursday, reaching $24.66. The company had a trading volume of 2,405,469 shares, compared to its average volume of 1,945,117. The firm has a market cap of $6.35 billion, a PE ratio of 31.61 and a beta of 1.24. Gates Industrial has a one year low of $14.70 and a one year high of $25.66. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The business has a fifty day simple moving average of $23.24 and a 200 day simple moving average of $21.07.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. The business had revenue of $883.70 million during the quarter, compared to analyst estimates of $873.34 million. During the same quarter in the previous year, the firm earned $0.36 EPS. The company's quarterly revenue was down .2% compared to the same quarter last year. On average, analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors have recently bought and sold shares of GTES. FMR LLC lifted its position in Gates Industrial by 48.9% in the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after purchasing an additional 6,383,165 shares during the last quarter. Invesco Ltd. boosted its position in Gates Industrial by 2.3% during the 4th quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after buying an additional 168,328 shares during the period. Fiduciary Management Inc. WI grew its holdings in Gates Industrial by 0.6% in the 1st quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company's stock worth $133,774,000 after acquiring an additional 41,541 shares during the last quarter. Jennison Associates LLC grew its holdings in Gates Industrial by 30.5% in the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock worth $127,386,000 after acquiring an additional 1,618,598 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Gates Industrial by 1.3% during the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock valued at $135,145,000 after acquiring an additional 85,253 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

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.