Gates Industrial (NYSE:GTES) Sets New 12-Month High – Here’s What Happened

Shares of Gates Industrial Corp PLC (NYSE:GTES) hit a new 52-week high during trading on Monday . The stock traded as high as $22.48 and last traded at $22.46, with a volume of 787724 shares. The stock had previously closed at $22.16.

Analysts Set New Price Targets

Several analysts recently commented on GTES shares. KeyCorp lifted 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. Barclays lifted their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley started coverage on shares of Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Evercore ISI lifted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and a consensus target price of $20.40.

Gates Industrial Stock Performance

The stock’s 50-day moving average is $19.33 and its 200-day moving average is $17.74. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of 26.70 and a beta of 1.38. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Institutional Investors Weigh In On Gates Industrial

A number of institutional investors have recently added to or reduced their stakes in GTES. Headlands Technologies LLC grew its holdings in Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in 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 acquiring an additional 814 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in Gates Industrial during the 3rd quarter worth approximately $67,000. GAMMA Investing LLC grew its holdings in Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares during the last quarter. Finally, Quarry LP bought a new stake in Gates Industrial during the 3rd quarter worth approximately $71,000. 98.50% of the stock is owned by institutional investors.

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.