Royal Bank Of Canada Boosts Gates Industrial (NYSE:GTES) Price Target to $29.00

Key Points

• The Royal Bank of Canada raised its price target for Gates Industrial's stock from $28.00 to $29.00, indicating a potential upside of 17.03% from its previous close.
• Gates Industrial reported a quarterly EPS of $0.39, slightly surpassing the consensus estimate, while its revenue of $883.70 million was down 0.2% year-over-year.
• Overall, Gates Industrial has a consensus rating of "Moderate Buy" with various analysts giving differing price targets, ranging from $22.00 to $30.00.

Gates Industrial (NYSE:GTES - Free Report) had its target price hoisted by Royal Bank Of Canada from $28.00 to $29.00 in a report released on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research firms have also recently commented on GTES. UBS Group upped their price target on Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday. Morgan Stanley decreased 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 restated an "overweight" rating and set a $30.00 price target (up from $26.00) on shares of Gates Industrial in a research note on Thursday. The Goldman Sachs Group upped 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. Finally, Barclays upped their price target on Gates Industrial from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Three investment 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, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus target price of $26.44.

Gates Industrial Trading Up 1.8%

NYSE:GTES traded up $0.43 during trading hours on Thursday, reaching $24.77. 376,182 shares of the stock were exchanged, compared to its average volume of 2,319,565. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. The business has a 50-day moving average of $23.16 and a two-hundred day moving average of $21.04. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $25.66. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of 31.70 and a beta of 1.24.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, topping 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 company had revenue of $883.70 million for the quarter, compared to analysts' expectations of $873.34 million. During the same period in the prior year, the firm earned $0.36 earnings per share. The firm's revenue was down .2% compared to the same quarter last year. On average, equities analysts predict that Gates Industrial will post 1.36 EPS for the current year.

Institutional Trading of Gates Industrial

Large investors have recently modified their holdings of the stock. GeoWealth Management LLC increased its position 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 acquiring an additional 789 shares during the period. SVB Wealth LLC purchased a new position in Gates Industrial in the first quarter valued at $34,000. Aster Capital Management DIFC Ltd purchased a new position in Gates Industrial in the fourth quarter valued at $43,000. Steph & Co. purchased a new position in Gates Industrial in the second quarter valued at $70,000. Finally, MetLife Investment Management LLC increased 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 last quarter. 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.