Gates Industrial (NYSE:GTES) Stock Price Expected to Rise, Evercore ISI Analyst Says

Gates Industrial (NYSE:GTES) had its price target hoisted by research analysts at Evercore ISI from $22.00 to $23.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price target would indicate a potential downside of 2.40% from the company’s current price.

A number of other analysts also recently weighed in on the stock. Barclays increased their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 14th. KeyCorp lifted their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Citigroup cut their price target on 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 boosted their price objective on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Finally, Royal Bank of Canada raised their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.90.

Gates Industrial Stock Performance

Shares of NYSE GTES traded up $0.27 during trading hours on Wednesday, hitting $23.57. 712,634 shares of the stock were exchanged, compared to its average volume of 2,272,769. The firm has a market capitalization of $6.02 billion, a P/E ratio of 32.28 and a beta of 1.37. Gates Industrial has a one year low of $13.17 and a one year high of $23.64. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The company’s 50 day moving average is $21.01 and its 200 day moving average is $19.50.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, research analysts expect that Gates Industrial will post 1.36 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GeoWealth Management LLC grew its holdings in shares of Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the last quarter. Assetmark Inc. grew 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 buying an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Gates Industrial during the fourth quarter worth approximately $43,000. Versant Capital Management Inc raised its stake in shares of Gates Industrial by 178.3% in the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after acquiring an additional 1,598 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its holdings in shares of Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after acquiring an additional 724 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.