Gates Industrial (NYSE:GTES) Price Target Raised to $26.00 at Royal Bank of Canada

Gates Industrial (NYSE:GTES) had its target price upped by stock analysts at Royal Bank of Canada from $22.00 to $26.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 18.24% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Evercore ISI upped their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Citigroup raised their target price on Gates Industrial from $24.00 to $27.00 and gave the company a “buy” rating in a report on Monday, December 9th. Morgan Stanley began 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 raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.80.

Gates Industrial Stock Performance

Shares of GTES stock opened at $21.99 on Thursday. Gates Industrial has a 12 month low of $12.03 and a 12 month high of $23.34. The firm has a market capitalization of $5.60 billion, a PE ratio of 26.49 and a beta of 1.38. The firm has a fifty day simple moving average of $20.30 and a two-hundred day simple moving average of $18.07. 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

Institutional investors have recently bought and sold shares of the company. Venturi Wealth Management LLC raised its stake in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after buying an additional 814 shares during the period. Bank of Montreal Can increased its holdings in Gates Industrial by 2.5% in the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after acquiring an additional 823 shares during the last quarter. Covestor Ltd raised its stake in Gates Industrial by 26.3% in the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after acquiring an additional 1,001 shares during the period. Tectonic Advisors LLC lifted its holdings in Gates Industrial by 5.5% during the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock valued at $353,000 after purchasing an additional 1,043 shares during the last quarter. Finally, Fort L.P. boosted its position in Gates Industrial by 9.3% during the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock worth $253,000 after purchasing an additional 1,222 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

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.