KeyCorp Increases Gates Industrial (NYSE:GTES) Price Target to $20.00

Gates Industrial (NYSE:GTES) had its target price upped by analysts at KeyCorp from $19.00 to $20.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 19.26% from the company’s previous close.

GTES has been the subject of a number of other research reports. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $17.00 to $21.00 in a research report on Monday, March 1st. Citigroup upped their price target on Gates Industrial from $18.00 to $22.00 in a research report on Tuesday, February 9th. Barclays upped their price target on Gates Industrial from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 6th. Credit Suisse Group upped their price target on Gates Industrial from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 9th. Finally, Zacks Investment Research downgraded Gates Industrial from a “buy” rating to a “hold” rating in a research report on Tuesday, April 13th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $18.75.

NYSE GTES opened at $16.77 on Monday. The business has a 50 day simple moving average of $16.40 and a 200 day simple moving average of $14.23. Gates Industrial has a 52-week low of $6.82 and a 52-week high of $18.22. The company has a debt-to-equity ratio of 1.03, a quick ratio of 2.39 and a current ratio of 3.13. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 67.08 and a beta of 1.87.

Gates Industrial (NYSE:GTES) last posted its earnings results on Sunday, February 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. Gates Industrial had a return on equity of 6.84% and a net margin of 2.73%. The business had revenue of $794.30 million during the quarter, compared to analysts’ expectations of $722.59 million. During the same period in the prior year, the business earned $0.19 EPS. Gates Industrial’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, analysts predict that Gates Industrial will post 0.63 EPS for the current year.

In other news, major shareholder Aggregator (Cayman) L.P. Omaha sold 25,300,000 shares of the stock in a transaction that occurred on Tuesday, March 2nd. The stock was sold at an average price of $14.40, for a total value of $364,320,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.76% of the company’s stock.

A number of institutional investors have recently made changes to their positions in GTES. Squarepoint Ops LLC acquired a new stake in Gates Industrial during the 3rd quarter valued at $665,000. AQR Capital Management LLC lifted its holdings in Gates Industrial by 52.2% during the 3rd quarter. AQR Capital Management LLC now owns 41,913 shares of the company’s stock valued at $466,000 after purchasing an additional 14,372 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Gates Industrial by 775.3% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 77,204 shares of the company’s stock valued at $859,000 after purchasing an additional 68,384 shares during the last quarter. Strs Ohio lifted its holdings in Gates Industrial by 13.0% during the 3rd quarter. Strs Ohio now owns 105,831 shares of the company’s stock valued at $1,176,000 after purchasing an additional 12,201 shares during the last quarter. Finally, Cacti Asset Management LLC lifted its holdings in Gates Industrial by 11.1% during the 4th quarter. Cacti Asset Management LLC now owns 50,000 shares of the company’s stock valued at $642,000 after purchasing an additional 5,000 shares during the last quarter. 99.87% of the stock is owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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