Gates Industrial (NYSE:GTES) Given New $24.00 Price Target at Citigroup

Gates Industrial (NYSE:GTES) had its price objective lowered by equities research analysts at Citigroup from $27.00 to $24.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 20.36% from the company’s previous close.

Several other analysts have also issued reports on the company. 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 report on Friday, December 6th. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. The Goldman Sachs Group lifted their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Finally, Royal Bank of Canada upped their target price on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Gates Industrial Stock Up 1.0 %

Gates Industrial stock traded up $0.20 during mid-day trading on Monday, reaching $19.94. The company’s stock had a trading volume of 612,406 shares, compared to its average volume of 1,941,581. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial has a 12 month low of $12.40 and a 12 month high of $23.34. The business’s 50 day simple moving average is $21.25 and its 200 day simple moving average is $18.68. The company has a market capitalization of $5.08 billion, a price-to-earnings ratio of 24.02 and a beta of 1.38.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds have recently bought and sold shares of GTES. Venturi Wealth Management LLC raised its holdings in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after buying an additional 814 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after acquiring an additional 823 shares during the last quarter. Covestor Ltd boosted its stake in shares of Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after purchasing an additional 1,001 shares in the last quarter. Tectonic Advisors LLC grew its holdings in shares of Gates Industrial by 5.5% during the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock valued at $353,000 after purchasing an additional 1,043 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock valued at $103,000 after purchasing an additional 1,130 shares during the last quarter. 98.50% of the stock is owned by 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.