KeyCorp Forecasts Strong Price Appreciation for Gates Industrial (NYSE:GTES) Stock

Gates Industrial (NYSE:GTES) had its target price raised by equities research analysts at KeyCorp from $22.00 to $23.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price indicates a potential upside of 9.06% from the company’s current price.

A number of other brokerages have also recently issued reports on GTES. Barclays increased their target price on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $20.00 to $22.00 in a report on Monday, August 19th. Evercore ISI boosted 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 report on Monday, August 19th. Robert W. Baird dropped their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, The Goldman Sachs Group boosted their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.40.

Gates Industrial Stock Down 0.9 %

GTES stock opened at $21.09 on Thursday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial has a fifty-two week low of $11.22 and a fifty-two week high of $21.54. The stock’s 50 day simple moving average is $18.68 and its 200 day simple moving average is $17.47. The company has a market cap of $5.37 billion, a P/E ratio of 25.41 and a beta of 1.38.

Gates Industrial declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 31st that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Gates Industrial

A number of institutional investors and hedge funds have recently modified their holdings of GTES. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Gates Industrial by 31.8% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 21,660 shares of the company’s stock valued at $384,000 after purchasing an additional 5,223 shares during the last quarter. Vanguard Group Inc. raised its position in Gates Industrial by 17.5% in the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock worth $318,935,000 after acquiring an additional 2,678,954 shares during the period. Acadian Asset Management LLC raised its position in Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock worth $585,000 after acquiring an additional 29,394 shares during the period. Gamco Investors INC. ET AL purchased a new position in Gates Industrial in the first quarter valued at about $266,000. Finally, Quadrature Capital Ltd grew its position in shares of Gates Industrial by 35.6% during the 1st quarter. Quadrature Capital Ltd now owns 78,457 shares of the company’s stock valued at $1,389,000 after acquiring an additional 20,615 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.