The Goldman Sachs Group Forecasts Strong Price Appreciation for Gates Industrial (NYSE:GTES) Stock

Gates Industrial (NYSE:GTES) had its price objective increased by equities researchers at The Goldman Sachs Group from $21.00 to $24.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 9.14% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley started coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target on the stock. Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Royal Bank of Canada raised their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a report on Thursday. Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Finally, KeyCorp lifted their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.80.

Gates Industrial Trading Down 0.7 %

NYSE:GTES opened at $21.99 on Thursday. Gates Industrial has a 1 year low of $12.03 and a 1 year high of $23.34. The stock’s fifty day moving average price is $20.30 and its two-hundred day moving average price is $18.07. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The company has a market cap of $5.60 billion, a P/E ratio of 26.49 and a beta of 1.38.

Institutional Trading of Gates Industrial

A number of hedge funds have recently bought and sold shares of GTES. SG Americas Securities LLC lifted its holdings in shares of Gates Industrial by 602.9% in the 2nd quarter. SG Americas Securities LLC now owns 66,419 shares of the company’s stock worth $1,050,000 after acquiring an additional 56,970 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Gates Industrial by 44.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,842 shares of the company’s stock valued at $551,000 after buying an additional 10,776 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of Gates Industrial by 88.2% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 20,573 shares of the company’s stock valued at $325,000 after buying an additional 9,640 shares during the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Gates Industrial by 1.8% in the second quarter. Wedge Capital Management L L P NC now owns 158,449 shares of the company’s stock worth $2,505,000 after buying an additional 2,851 shares during the period. Finally, Raymond James & Associates lifted its stake in shares of Gates Industrial by 107.7% in the 2nd quarter. Raymond James & Associates now owns 643,137 shares of the company’s stock valued at $10,168,000 after acquiring an additional 333,535 shares during the last quarter. Institutional investors 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.