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

Gates Industrial (NYSE:GTES) had its price objective raised by Barclays from $26.00 to $28.00 in a research note 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. The Goldman Sachs Group raised their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. KeyCorp restated an “overweight” rating and set a $30.00 target price (up from $26.00) on shares of Gates Industrial in a report on Thursday. Citigroup upped their price target on Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. UBS Group increased their price objective on Gates Industrial from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Finally, Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 12th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average target price of $26.67.

Gates Industrial Stock Performance

Shares of GTES stock opened at $24.66 on Monday. The firm has a market cap of $6.35 billion, a P/E ratio of 31.61 and a beta of 1.24. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. Gates Industrial has a fifty-two week low of $14.70 and a fifty-two week high of $25.66. The stock’s 50-day moving average is $23.24 and its two-hundred day moving average is $21.07.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%. The firm’s revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 earnings per share. Analysts predict that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Institutional Trading of Gates Industrial

Several hedge funds have recently added to or reduced their stakes in GTES. GeoWealth Management LLC increased its position in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares during the period. SVB Wealth LLC acquired a new stake in shares of Gates Industrial in the first quarter worth $34,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial in the fourth quarter worth $43,000. Steph & Co. bought a new position in Gates Industrial during the second quarter worth $70,000. Finally, MetLife Investment Management LLC raised its stake in Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after purchasing an additional 567 shares during the last quarter. Institutional investors 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.