Gates Industrial (NYSE:GTES) Upgraded by Barclays to Overweight Rating

Gates Industrial (NYSE:GTES) was upgraded by investment analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $25.00 price objective on the stock, up from their prior price objective of $21.00. Barclays‘s price target points to a potential upside of 11.48% from the stock’s current price.

A number of other analysts also recently issued reports on the company. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. KeyCorp lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Finally, Evercore ISI lifted their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Three analysts have rated the stock with a hold rating and seven have assigned 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 $20.80.

Gates Industrial Trading Up 0.1 %

NYSE:GTES opened at $22.43 on Thursday. The firm has a market cap of $5.71 billion, a PE ratio of 27.02 and a beta of 1.38. The stock has a fifty day moving average price of $19.62 and a 200 day moving average price of $17.85. Gates Industrial has a 12-month low of $11.22 and a 12-month high of $22.56. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70.

Hedge Funds Weigh In On Gates Industrial

Several institutional investors have recently added to or reduced their stakes in GTES. Headlands Technologies LLC increased its position 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 purchasing an additional 1,320 shares during the period. Venturi Wealth Management LLC increased its position 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 purchasing an additional 814 shares during the period. Capital Performance Advisors LLP acquired a new position in Gates Industrial during the 3rd quarter worth approximately $67,000. GAMMA Investing LLC increased its position 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 purchasing an additional 2,998 shares during the period. Finally, Quarry LP acquired a new position in Gates Industrial during the 3rd quarter worth approximately $71,000. Institutional investors and hedge funds 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.