Royal Bank of Canada upgraded shares of Gates Industrial (NYSE:GTES – Free Report) from a sector perform rating to an outperform rating in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage currently has $22.00 price target on the stock, up from their previous price target of $20.00.
Other analysts have also issued research reports about the company. The Goldman Sachs Group boosted their price target on Gates Industrial from $18.00 to $20.00 and gave the company a neutral rating in a report on Thursday, August 1st. Barclays decreased their target price on shares of Gates Industrial from $17.00 to $16.00 and set an equal weight rating on the stock in a research note on Tuesday, June 4th. Finally, Robert W. Baird dropped their price target on shares of Gates Industrial from $26.00 to $22.00 and set an outperform rating for the company in a research report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $19.44.
Get Our Latest Research Report on GTES
Gates Industrial Stock Up 0.3 %
Institutional Trading of Gates Industrial
Several hedge funds have recently made changes to their positions in GTES. Cerity Partners LLC bought a new stake in shares of Gates Industrial in the 4th quarter valued at approximately $148,000. CWM LLC increased its position in Gates Industrial by 102.2% during the fourth quarter. CWM LLC now owns 15,028 shares of the company’s stock valued at $202,000 after acquiring an additional 7,595 shares during the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of Gates Industrial in the fourth quarter valued at $200,000. Wedge Capital Management L L P NC purchased a new stake in shares of Gates Industrial in the fourth quarter valued at $1,751,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Gates Industrial in the fourth quarter valued at $27,000. 98.50% of the stock is currently owned by hedge funds and other 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.
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