Gates Industrial (NYSE:GTES) Given New $27.00 Price Target at Citigroup

Gates Industrial (NYSE:GTES) had its price target increased by Citigroup from $24.00 to $27.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 19.63% from the stock’s current price.

GTES has been the subject of several other reports. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $22.00 in a report on Monday, August 19th. Morgan Stanley started coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Jefferies Financial Group upped their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday. Evercore ISI upped their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Finally, Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $21.00 to $25.00 in a report on Thursday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $22.00.

Gates Industrial Trading Down 0.3 %

GTES traded down $0.07 during trading on Monday, hitting $22.57. The company’s stock had a trading volume of 1,296,300 shares, compared to its average volume of 3,043,899. The firm’s 50 day moving average price is $19.82 and its 200-day moving average price is $17.92. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The stock has a market cap of $5.75 billion, a PE ratio of 27.19 and a beta of 1.38. Gates Industrial has a twelve month low of $11.65 and a twelve month high of $23.34.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC raised its holdings in shares of Gates Industrial by 35.9% during the third 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. Bank of Montreal Can grew its position in shares of Gates Industrial by 2.5% in the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock valued at $535,000 after acquiring an additional 823 shares during the period. Covestor Ltd grew its position in shares of Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares during the period. Tectonic Advisors LLC boosted its holdings in shares of Gates Industrial by 5.5% during the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after buying an additional 1,043 shares during the period. Finally, Fort L.P. boosted its holdings in shares of Gates Industrial by 9.3% during the 3rd quarter. Fort L.P. now owns 14,423 shares of the company’s stock worth $253,000 after buying an additional 1,222 shares during the period. Institutional investors and hedge funds 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.