Royal Bank of Canada Boosts Gates Industrial (NYSE:GTES) Price Target to $27.00

Gates Industrial (NYSE:GTES) had its price objective lifted by investment analysts at Royal Bank of Canada from $25.00 to $27.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 19.99% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Citigroup dropped their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. The Goldman Sachs Group raised their price target on shares of Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. KeyCorp increased their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday. Jefferies Financial Group boosted their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.00.

Gates Industrial Stock Performance

Gates Industrial stock traded down $0.72 during midday trading on Friday, reaching $22.50. The stock had a trading volume of 2,529,947 shares, compared to its average volume of 2,277,113. Gates Industrial has a 12 month low of $12.40 and a 12 month high of $23.34. The firm’s 50-day moving average price is $21.01 and its 200 day moving average price is $19.25. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $5.73 billion, a PE ratio of 27.08 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.94% and a net margin of 6.43%. As a group, research analysts predict that Gates Industrial will post 1.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new position in Gates Industrial during the 2nd quarter valued at about $563,000. GAMMA Investing LLC grew its position in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares in the last quarter. CWM LLC raised its position in shares of Gates Industrial by 45.1% in the third quarter. CWM LLC now owns 57,192 shares of the company’s stock valued at $1,004,000 after purchasing an additional 17,785 shares during the period. Exchange Traded Concepts LLC increased its position in Gates Industrial by 4.1% during the third quarter. Exchange Traded Concepts LLC now owns 91,020 shares of the company’s stock worth $1,597,000 after acquiring an additional 3,547 shares during the period. Finally, Wedge Capital Management L L P NC raised its stake in Gates Industrial by 10.1% during the 3rd quarter. Wedge Capital Management L L P NC now owns 174,417 shares of the company’s stock valued at $3,061,000 after purchasing an additional 15,968 shares during 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.