Royal Bank of Canada Boosts Gates Industrial (NYSE:GTES) Price Target to $27.00

Gates Industrial (NYSE:GTES) had its price objective upped by Royal Bank of Canada from $25.00 to $27.00 in a report issued on Friday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also recently commented on the company. Jefferies Financial Group boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Citigroup lowered their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. KeyCorp raised their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Finally, The Goldman Sachs Group raised their target price 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. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Gates Industrial Trading Down 2.8 %

Shares of Gates Industrial stock opened at $22.56 on Friday. The firm’s 50-day moving average price is $21.01 and its two-hundred day moving average price is $19.25. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 27.18 and a beta of 1.37. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. Gates Industrial has a 12-month low of $12.40 and a 12-month high of $23.34.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 6.43% and a return on equity of 9.94%. On average, analysts forecast that Gates Industrial will post 1.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new stake in Gates Industrial in the second quarter worth approximately $563,000. GAMMA Investing LLC grew its position in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares during the period. CWM LLC increased its stake in shares of Gates Industrial by 45.1% in the 3rd quarter. CWM LLC now owns 57,192 shares of the company’s stock valued at $1,004,000 after acquiring an additional 17,785 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Gates Industrial by 4.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 91,020 shares of the company’s stock valued at $1,597,000 after acquiring an additional 3,547 shares during the period. Finally, Wedge Capital Management L L P NC boosted its stake in Gates Industrial by 10.1% during the third quarter. Wedge Capital Management L L P NC now owns 174,417 shares of the company’s stock worth $3,061,000 after acquiring an additional 15,968 shares in the last quarter. 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.