Gates Industrial (NYSE:GTES) Stock Price Expected to Rise, Barclays Analyst Says

Gates Industrial (NYSE:GTES - Get Free Report) had its price target lifted by equities researchers at Barclays from $22.00 to $23.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price objective would suggest a potential upside of 5.46% from the stock's previous close.

Several other brokerages also recently issued reports on GTES. Morgan Stanley lowered their price objective 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. KeyCorp upped their price target on shares of Gates Industrial from $21.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Evercore ISI lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Citigroup decreased their target price on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Royal Bank of Canada boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.89.

Gates Industrial Trading Up 5.2%

GTES traded up $1.08 during trading on Monday, hitting $21.81. 470,337 shares of the company's stock were exchanged, compared to its average volume of 2,963,519. The stock has a 50 day moving average price of $18.51 and a 200 day moving average price of $20.21. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Gates Industrial has a 1 year low of $14.70 and a 1 year high of $23.85. The firm has a market cap of $5.62 billion, a P/E ratio of 30.01 and a beta of 1.23.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The firm had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. During the same period in the prior year, the firm posted $0.31 EPS. The firm's revenue was down 1.7% compared to the same quarter last year. As a group, analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Insider Activity

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GeoWealth Management LLC increased its holdings in shares of Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. lifted its position in Gates Industrial by 2,968.6% during the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock worth $32,000 after buying an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial in the fourth quarter valued at approximately $43,000. SRS Capital Advisors Inc. increased its stake in shares of Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after buying an additional 724 shares during the period. Finally, MetLife Investment Management LLC lifted 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 buying an additional 567 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.

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