KeyCorp Boosts Gates Industrial (NYSE:GTES) Price Target to $27.00

Gates Industrial (NYSE:GTES) had its target price raised by analysts at KeyCorp from $23.00 to $27.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price objective would suggest a potential upside of 17.87% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $21.00 to $25.00 in a research report on Thursday, December 5th. Citigroup lowered 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. The Goldman Sachs Group lifted their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Jefferies Financial Group lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada upped their target price on Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.90.

Gates Industrial Trading Down 1.3 %

Shares of NYSE GTES traded down $0.31 during mid-day trading on Friday, reaching $22.91. 335,059 shares of the company’s stock were exchanged, compared to its average volume of 2,189,881. The company’s 50-day moving average is $21.01 and its 200-day moving average is $19.25. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The firm has a market capitalization of $5.83 billion, a price-to-earnings ratio of 27.69 and a beta of 1.37. Gates Industrial has a 52-week low of $12.40 and a 52-week high of $23.34.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.94% and a net margin of 6.43%. Analysts expect that Gates Industrial will post 1.26 EPS for the current fiscal year.

Institutional Trading of Gates Industrial

A number of hedge funds and other institutional investors have recently modified their holdings of GTES. Assetmark Inc. boosted its holdings in shares of 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 buying an additional 1,514 shares during the period. Versant Capital Management Inc grew its stake in shares of 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 buying an additional 1,598 shares in the last quarter. Venturi Wealth Management LLC increased its stake 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 purchasing an additional 814 shares during the last quarter. SRS Capital Advisors Inc. raised its holdings in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after buying an additional 724 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in Gates Industrial in the 3rd quarter worth approximately $67,000. Institutional investors 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.