Gates Industrial (NYSE:GTES) Given New $27.00 Price Target at Barclays

Gates Industrial (NYSE:GTES) had its price target raised by Barclays from $25.00 to $27.00 in a research note released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group upped their target price on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. 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 research report on Friday, December 6th. Royal Bank of Canada boosted their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. KeyCorp boosted their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, Citigroup lowered their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.20.

Gates Industrial Stock Up 2.2 %

Shares of NYSE:GTES opened at $22.67 on Friday. Gates Industrial has a 1 year low of $13.17 and a 1 year high of $23.34. The stock’s 50-day moving average is $21.00 and its 200 day moving average is $19.45. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The company has a market cap of $5.78 billion, a PE ratio of 31.06 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last posted its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.65% and a net margin of 5.72%. Sell-side analysts anticipate that Gates Industrial will post 1.4 EPS for the current year.

Hedge Funds Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently modified their holdings of the company. HighPoint Advisor Group LLC lifted its holdings in shares of Gates Industrial by 3.2% during the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock valued at $331,000 after buying an additional 452 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of 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 buying an additional 567 shares during the period. United Services Automobile Association increased its stake in shares of Gates Industrial by 4.8% in the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock worth $289,000 after purchasing an additional 646 shares in the last quarter. Utah Retirement Systems increased its stake in shares of Gates Industrial by 6.4% in the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock worth $241,000 after purchasing an additional 700 shares in the last quarter. Finally, Tectonic Advisors LLC increased its stake in shares of Gates Industrial by 3.6% in the 4th quarter. Tectonic Advisors LLC now owns 20,852 shares of the company’s stock worth $429,000 after purchasing an additional 724 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

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.