Gates Industrial Corp PLC (NYSE:GTES) Receives $22.80 Average Price Target from Analysts

Gates Industrial Corp PLC (NYSE:GTES) has received an average rating of “Moderate Buy” from the ten analysts that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $22.80.

Several research firms have recently issued reports on GTES. Royal Bank of Canada raised their price objective on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $21.00 to $25.00 in a research report on Thursday, December 5th. KeyCorp raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Morgan Stanley assumed coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target on the stock. Finally, The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th.

Hedge Funds Weigh In On Gates Industrial

A number of large investors have recently bought and sold shares of GTES. State Street Corp lifted its position in shares of Gates Industrial by 112.9% during the third quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after buying an additional 3,459,450 shares during the last quarter. Zimmer Partners LP lifted its position in Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after acquiring an additional 2,466,543 shares during the last quarter. Franklin Resources Inc. boosted its stake in Gates Industrial by 138.0% in the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock valued at $68,159,000 after acquiring an additional 2,220,277 shares in the last quarter. Fred Alger Management LLC grew its holdings in Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after purchasing an additional 1,627,482 shares during the last quarter. Finally, Jennison Associates LLC increased its position in shares of Gates Industrial by 45.9% during the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after purchasing an additional 1,268,407 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Up 0.8 %

Shares of NYSE:GTES opened at $20.57 on Wednesday. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 24.78 and a beta of 1.38. Gates Industrial has a 12 month low of $12.40 and a 12 month high of $23.34. 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 50-day moving average price of $21.00 and a 200 day moving average price of $18.44.

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.