Gates Industrial (NYSE:GTES) Price Target Raised to $23.00

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

GTES has been the subject of a number of other research reports. Evercore ISI lifted their target price 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. Barclays increased their target price on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Robert W. Baird lowered their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Morgan Stanley started coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.40.

Gates Industrial Stock Performance

Gates Industrial stock opened at $21.99 on Thursday. Gates Industrial has a 1 year low of $11.22 and a 1 year high of $22.05. The company’s 50-day moving average is $18.87 and its two-hundred day moving average is $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. The company has a market cap of $5.60 billion, a PE ratio of 26.49 and a beta of 1.38.

Gates Industrial declared that its Board of Directors has authorized a share buyback program on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Gates Industrial

Hedge funds and other institutional investors have recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky bought a new position in shares of Gates Industrial during the third quarter worth about $1,376,000. Geode Capital Management LLC boosted its position in Gates Industrial by 16.0% during the 3rd quarter. Geode Capital Management LLC now owns 3,460,855 shares of the company’s stock worth $60,755,000 after acquiring an additional 476,962 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Gates Industrial during the 3rd quarter worth approximately $408,000. MML Investors Services LLC raised its holdings in shares of Gates Industrial by 10.9% in the third quarter. MML Investors Services LLC now owns 84,684 shares of the company’s stock valued at $1,486,000 after purchasing an additional 8,301 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Gates Industrial in the third quarter worth $536,000. 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.