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

Gates Industrial (NYSE:GTES - Free Report) had its target price raised by Barclays from $22.00 to $23.00 in a research report report published on Monday,Benzinga reports. Barclays currently has an overweight rating on the stock.

GTES has been the topic of a number of other research reports. Morgan Stanley cut their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Citigroup cut their price objective on shares of Gates Industrial from $27.00 to $21.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Royal Bank of Canada raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Evercore ISI raised their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an "in-line" rating in a report on Wednesday, February 19th. Finally, The Goldman Sachs Group cut their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $22.89.

Gates Industrial Stock Up 1.1%

NYSE:GTES traded up $0.25 during mid-day trading on Monday, hitting $22.16. The stock had a trading volume of 1,959,986 shares, compared to its average volume of 2,934,241. The stock has a 50-day simple moving average of $18.75 and a two-hundred day simple moving average of $20.31. The company has a market capitalization of $5.71 billion, a PE ratio of 30.35 and a beta of 1.23. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $23.85. 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 (NYSE:GTES - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share 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 analysts' expectations of $823.56 million. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. The firm's revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 earnings per share. On average, equities research analysts anticipate that Gates Industrial will post 1.36 EPS for the current year.

Insider Activity

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This represents a 46.71% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Empowered Funds LLC purchased a new position in Gates Industrial in the 1st quarter valued at $381,000. Dean Capital Management grew its position in Gates Industrial by 2.3% in the 1st quarter. Dean Capital Management now owns 71,196 shares of the company's stock valued at $1,311,000 after buying an additional 1,576 shares during the last quarter. Aristeia Capital L.L.C. purchased a new stake in shares of Gates Industrial during the 1st quarter worth $193,000. Sciencast Management LP purchased a new stake in shares of Gates Industrial during the 1st quarter worth $210,000. Finally, Shellback Capital LP purchased a new stake in shares of Gates Industrial during the 1st quarter worth $16,906,000. 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.