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

Gates Industrial (NYSE:GTES) had its price target hoisted by Royal Bank of Canada from $25.00 to $27.00 in a report published on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research firms have also weighed in on GTES. 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. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Jefferies Financial Group upped their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Citigroup reduced their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Three investment 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.00.

Gates Industrial Trading Down 2.8 %

GTES opened at $22.56 on Friday. The firm’s fifty day simple moving average is $21.01 and its 200 day simple moving average is $19.25. The stock has a market capitalization of $5.75 billion, a P/E ratio of 27.18 and a beta of 1.37. 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 has a 12 month low of $12.40 and a 12 month high of $23.34.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.94% and a net margin of 6.43%. As a group, research analysts anticipate that Gates Industrial will post 1.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new stake in shares of Gates Industrial in the second quarter valued at about $563,000. GAMMA Investing LLC raised its stake in Gates Industrial by 333.9% in 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 in the last quarter. CWM LLC boosted its holdings in Gates Industrial by 45.1% in the 3rd quarter. CWM LLC now owns 57,192 shares of the company’s stock valued at $1,004,000 after purchasing an additional 17,785 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Gates Industrial by 4.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 91,020 shares of the company’s stock worth $1,597,000 after purchasing an additional 3,547 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Gates Industrial by 10.1% during the third quarter. Wedge Capital Management L L P NC now owns 174,417 shares of the company’s stock worth $3,061,000 after purchasing an additional 15,968 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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.