Gates Industrial (NYSE:GTES) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Gates Industrial (NYSE:GTES) had its target price hoisted by analysts at The Goldman Sachs Group from $21.00 to $24.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 9.14% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Evercore ISI increased their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Jefferies Financial Group boosted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. KeyCorp increased their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Finally, Royal Bank of Canada boosted their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $22.80.

Gates Industrial Price Performance

Gates Industrial stock opened at $21.99 on Thursday. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 26.49 and a beta of 1.38. Gates Industrial has a 52-week low of $12.03 and a 52-week high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The stock’s 50 day moving average price is $20.30 and its two-hundred day moving average price is $18.07.

Institutional Trading of Gates Industrial

A number of hedge funds have recently bought and sold shares of GTES. Allspring Global Investments Holdings LLC raised its stake in shares of Gates Industrial by 2.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after purchasing an additional 303,353 shares during the period. FMR LLC increased its holdings in Gates Industrial by 4.5% during the third quarter. FMR LLC now owns 13,059,271 shares of the company’s stock worth $229,190,000 after buying an additional 562,643 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Gates Industrial by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock worth $188,477,000 after acquiring an additional 1,037,741 shares during the period. State Street Corp grew its position in shares of Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after acquiring an additional 3,459,450 shares during the period. Finally, Zimmer Partners LP increased its stake in shares of Gates Industrial by 141.2% during the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after purchasing an additional 2,466,543 shares during the last quarter. 98.50% of the stock is currently owned by 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.