Gates Industrial (NYSE:GTES) Given New $24.00 Price Target at The Goldman Sachs Group

Gates Industrial (NYSE:GTES) had its price objective raised by The Goldman Sachs Group from $21.00 to $24.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts have also recently issued reports about the stock. Morgan Stanley began coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Citigroup boosted their target price on shares of Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Monday. KeyCorp increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $21.00 to $25.00 in a report on Thursday, December 5th. Finally, Jefferies Financial Group upped their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average target price of $22.80.

Gates Industrial Trading Down 0.3 %

Gates Industrial stock opened at $22.15 on Thursday. The stock has a 50-day moving average price of $20.21 and a 200 day moving average price of $18.04. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 26.68 and a beta of 1.38. Gates Industrial has a 52 week low of $11.91 and a 52 week high of $23.34. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds have recently bought and sold shares of GTES. Headlands Technologies LLC increased its position in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after buying an additional 1,320 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP purchased a new stake in Gates Industrial in the 3rd quarter worth $67,000. GAMMA Investing LLC raised its position in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares during the period. Finally, Quarry LP purchased a new position in Gates Industrial during the third quarter valued at $71,000. 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.