Gates Industrial (NYSE:GTES) Given New $23.00 Price Target at Evercore ISI

Gates Industrial (NYSE:GTES) had its target price hoisted by Evercore ISI from $22.00 to $23.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an in-line rating on the stock.

Other research analysts have also recently issued reports about the company. KeyCorp upped their price objective on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. 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. The Goldman Sachs Group upped their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Citigroup reduced their price objective 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. Finally, Barclays upped their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $23.90.

Gates Industrial Trading Up 1.0 %

GTES opened at $23.53 on Wednesday. Gates Industrial has a 12 month low of $13.17 and a 12 month high of $23.85. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 32.24 and a beta of 1.37. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The business has a fifty day moving average price of $21.06 and a 200 day moving average price of $19.58.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Sell-side analysts expect that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Large investors have recently modified their holdings of the business. GeoWealth Management LLC raised its stake in shares of Gates Industrial by 187.4% during the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after purchasing an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in Gates Industrial in the 4th quarter valued at approximately $43,000. Versant Capital Management Inc increased its stake in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its stake in Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after purchasing an additional 724 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.