Gates Industrial (NYSE:GTES) Given New $26.00 Price Target at KeyCorp

Gates Industrial (NYSE:GTES) had its target price increased by KeyCorp from $23.00 to $26.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities analysts also recently issued reports on the company. Citigroup lowered their price target on Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Barclays increased their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, May 12th. Royal Bank of Canada raised their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. The Goldman Sachs Group raised their target price on Gates Industrial from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, May 27th. Finally, Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 6th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.22.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.15 on Monday. The company has a market capitalization of $5.71 billion, a P/E ratio of 30.34 and a beta of 1.21. The business’s 50 day moving average is $19.65 and its two-hundred day moving average is $20.40. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72. Gates Industrial has a 12-month low of $14.70 and a 12-month high of $23.85.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Gates Industrial’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 earnings per share. Analysts expect that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GeoWealth Management LLC increased its stake in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after acquiring an additional 789 shares during the last quarter. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after acquiring an additional 1,514 shares during the last quarter. SVB Wealth LLC acquired a new stake in Gates Industrial during the first quarter worth $34,000. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial during the fourth quarter worth $43,000. Finally, SRS Capital Advisors Inc. increased its stake in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares during the last quarter. 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.