Evercore ISI Raises Gates Industrial (NYSE:GTES) Price Target to $23.00

Gates Industrial (NYSE:GTES) had its price objective boosted by equities research analysts at Evercore ISI from $22.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s price target suggests a potential downside of 1.27% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. KeyCorp raised their price target on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Royal Bank of Canada upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Barclays raised their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. The Goldman Sachs Group upped their target price on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, December 12th. Finally, Jefferies Financial Group raised their price target on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $23.90.

Gates Industrial Stock Down 0.9 %

Shares of NYSE GTES opened at $23.30 on Wednesday. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $21.08 and a 200 day moving average price of $19.60. Gates Industrial has a 52 week low of $13.37 and a 52 week high of $23.85. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 31.91 and a beta of 1.37.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Equities research analysts anticipate that Gates Industrial will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Gates Industrial

Several institutional investors have recently added to or reduced their stakes in GTES. Mutual of America Capital Management LLC acquired a new position in shares of Gates Industrial during the 3rd quarter valued at about $597,000. Jennison Associates LLC grew its holdings in Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after purchasing an additional 1,268,407 shares during the period. Foundry Partners LLC acquired a new position in Gates Industrial during the third quarter worth approximately $4,247,000. Verition Fund Management LLC increased its holdings in shares of Gates Industrial by 322.7% during the 3rd quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock worth $6,660,000 after buying an additional 289,722 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Gates Industrial by 20.1% during the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock worth $19,154,000 after acquiring an additional 182,307 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.