Royal Bank Of Canada Increases 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 price target boosted by Royal Bank Of Canada from $28.00 to $29.00 in a research note released on Thursday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

GTES has been the topic of several other research reports. UBS Group boosted their price target on Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday. Citigroup boosted their price target on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. The Goldman Sachs Group boosted their price target on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Morgan Stanley cut their target price 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 target price on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.44.

Gates Industrial Stock Down 1.9%

Gates Industrial stock traded down $0.48 during midday trading on Thursday, reaching $24.32. The stock had a trading volume of 2,049,641 shares, compared to its average volume of 1,842,635. The firm's fifty day simple moving average is $23.16 and its 200-day simple moving average is $21.03. Gates Industrial has a 1-year low of $14.70 and a 1-year high of $25.66. The stock has a market capitalization of $6.27 billion, a P/E ratio of 31.18 and a beta of 1.24. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.35 and a current ratio of 3.46.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $873.34 million. During the same quarter last year, the firm earned $0.36 EPS. Gates Industrial's revenue for the quarter was down .2% 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.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors and hedge funds have recently bought and sold shares of GTES. FMR LLC increased its holdings in Gates Industrial by 48.9% in the 4th quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after purchasing an additional 6,383,165 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Gates Industrial by 1,185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock worth $69,187,000 after acquiring an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock worth $74,247,000 after acquiring an additional 3,046,064 shares in the last quarter. Norges Bank bought a new position in Gates Industrial in the fourth quarter worth approximately $56,520,000. Finally, Raymond James Financial Inc. bought a new position in Gates Industrial in the fourth quarter worth approximately $42,080,000. Institutional investors and hedge funds own 98.50% of the company's stock.

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.