Gates Industrial (NYSE:GTES) Stock Price Expected to Rise, KeyCorp Analyst Says

Gates Industrial (NYSE:GTES) had its target price boosted by KeyCorp from $22.00 to $23.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also weighed in on the stock. Morgan Stanley began coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective on the stock. Robert W. Baird dropped their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Evercore ISI lifted their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. The Goldman Sachs Group increased their price target on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price objective 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and an average target price of $20.40.

Gates Industrial Price Performance

NYSE:GTES opened at $21.99 on Thursday. The stock has a market capitalization of $5.60 billion, a PE ratio of 26.49 and a beta of 1.38. Gates Industrial has a 1-year low of $11.22 and a 1-year high of $22.05. The firm has a fifty day simple moving average of $18.87 and a 200 day simple moving average of $17.54. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Gates Industrial declared that its board has approved a share repurchase program on Wednesday, July 31st that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Gates Industrial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC increased its holdings 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 purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC increased its stake in Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new position in Gates Industrial in the 3rd quarter valued at $67,000. GAMMA Investing LLC lifted 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 valued at $68,000 after acquiring an additional 2,998 shares during the period. Finally, Quarry LP acquired a new stake in shares of Gates Industrial during the 3rd quarter worth $71,000. Institutional investors and hedge funds 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.