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

Gates Industrial (NYSE:GTES) had its target price increased by stock analysts at Evercore ISI from $22.00 to $23.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s price objective indicates a potential downside of 1.27% from the stock’s previous close.

Several other equities analysts have also recently commented on the company. Royal Bank of Canada increased their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. KeyCorp raised their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. 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 research note on Thursday, December 12th. Citigroup reduced their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Finally, Jefferies Financial Group raised their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. 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.com, Gates Industrial has an average rating of “Moderate Buy” and an average price target of $23.90.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $23.30 on Wednesday. The company has a market capitalization of $5.95 billion, a price-to-earnings ratio of 31.91 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. Gates Industrial has a 1-year low of $13.37 and a 1-year high of $23.85. The business has a 50-day moving average of $21.08 and a 200-day moving average of $19.60.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, equities analysts anticipate that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Gates Industrial

Several large investors have recently made changes to their positions in GTES. GeoWealth Management LLC grew its stake in shares of Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares in the last quarter. Assetmark Inc. lifted its holdings in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Gates Industrial in the 4th quarter valued at about $43,000. Versant Capital Management Inc increased its stake in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after buying an additional 1,598 shares during the period. Finally, Venturi Wealth Management LLC raised its position in shares of 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 buying an additional 814 shares in the last quarter. 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.