Royal Bank of Canada Issues Positive Forecast for Gates Industrial (NYSE:GTES) Stock Price

Gates Industrial (NYSE:GTES) had its target price hoisted by stock analysts at Royal Bank of Canada from $22.00 to $26.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 18.02% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $21.00 to $25.00 in a research note on Thursday, December 5th. Morgan Stanley began coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. KeyCorp increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Evercore ISI lifted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Finally, Jefferies Financial Group increased their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $22.80.

Gates Industrial Stock Down 0.9 %

Shares of NYSE GTES traded down $0.19 during midday trading on Thursday, hitting $22.03. 648,764 shares of the stock traded hands, compared to its average volume of 3,032,264. Gates Industrial has a one year low of $11.91 and a one year high of $23.34. The business has a 50 day moving average price of $20.11 and a two-hundred day moving average price of $18.01. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The company has a market cap of $5.61 billion, a PE ratio of 26.36 and a beta of 1.38.

Institutional Trading of Gates Industrial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its stake in shares of Gates Industrial by 602.9% during the 2nd quarter. SG Americas Securities LLC now owns 66,419 shares of the company’s stock valued at $1,050,000 after purchasing an additional 56,970 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Gates Industrial by 44.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company’s stock valued at $551,000 after purchasing an additional 10,776 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in shares of Gates Industrial by 88.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company’s stock valued at $325,000 after purchasing an additional 9,640 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in Gates Industrial by 1.8% in the second quarter. Wedge Capital Management L L P NC now owns 158,449 shares of the company’s stock worth $2,505,000 after purchasing an additional 2,851 shares during the period. Finally, Raymond James & Associates raised its holdings in Gates Industrial by 107.7% in the second quarter. Raymond James & Associates now owns 643,137 shares of the company’s stock worth $10,168,000 after purchasing an additional 333,535 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.