KeyCorp Forecasts Strong Price Appreciation for Gates Industrial (NYSE:GTES) Stock

Gates Industrial (NYSE:GTES) had its price objective raised by KeyCorp from $21.00 to $22.00 in a research note released on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

GTES has been the subject of several other research reports. Evercore ISI lifted their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Morgan Stanley began coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Robert W. Baird dropped their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Finally, Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $19.80.

Gates Industrial Trading Up 1.9 %

NYSE GTES traded up $0.37 during mid-day trading on Thursday, reaching $19.72. 1,639,303 shares of the stock were exchanged, compared to its average volume of 3,035,212. The stock has a market capitalization of $5.16 billion, a PE ratio of 23.33 and a beta of 1.40. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. Gates Industrial has a 1-year low of $10.94 and a 1-year high of $20.01. The business’s fifty day simple moving average is $17.67 and its 200 day simple moving average is $17.11.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. The business had revenue of $885.50 million for the quarter, compared to analysts’ expectations of $893.00 million. Gates Industrial had a return on equity of 9.90% and a net margin of 6.43%. On average, research analysts anticipate that Gates Industrial will post 1.23 earnings per share for the current fiscal year.

Gates Industrial announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Gates Industrial

In related news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The shares were purchased at an average cost of $16.80 per share, with a total value of $200,793.60. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at approximately $100,800. The trade was a -200.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC increased its position in shares of Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Gates Industrial during the 3rd quarter valued at approximately $67,000. GAMMA Investing LLC increased its holdings in 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 purchasing an additional 2,998 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Gates Industrial in the 2nd quarter valued at approximately $142,000. Finally, Levin Capital Strategies L.P. purchased a new position in shares of Gates Industrial during the 2nd quarter valued at approximately $158,000. Hedge funds and other institutional investors 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.