Gates Industrial (NYSE:GTES) Price Target Raised to $40.00

Gates Industrial (NYSE:GTES) had its target price hoisted by Robert W. Baird from $39.00 to $40.00 in a research report report published on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also issued reports on GTES. Weiss Ratings lowered shares of Gates Industrial from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. JPMorgan Chase & Co. lifted their target price on shares of Gates Industrial from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Citigroup boosted their target price on shares of Gates Industrial from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. DA Davidson began coverage on shares of Gates Industrial in a report on Tuesday, September 1st. They set a “neutral” rating and a $29.00 price target for the company. Finally, Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 10th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.18.

Gates Industrial Stock Down 0.5%

Shares of Gates Industrial stock opened at $24.43 on Monday. The stock has a market capitalization of $6.14 billion, a P/E ratio of 16.97 and a beta of 1.33. The company has a quick ratio of 2.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.57. The stock has a 50 day moving average price of $25.95 and a two-hundred day moving average price of $25.78. Gates Industrial has a 12-month low of $20.88 and a 12-month high of $30.34.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Friday, October 30th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. Gates Industrial had a return on equity of 10.42% and a net margin of 10.37%. The company had revenue of $903.60 million for the quarter, compared to the consensus estimate of $904.77 million. During the same quarter last year, the company posted $0.39 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. Equities analysts expect that Gates Industrial will post 1.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GTES. AlphaCore Capital LLC acquired a new position in Gates Industrial during the 3rd quarter valued at $234,000. Ethic Inc. boosted its holdings in Gates Industrial by 40.5% in the 3rd quarter. Ethic Inc. now owns 32,117 shares of the company’s stock valued at $841,000 after purchasing an additional 9,258 shares during the period. Parallel Advisors LLC acquired a new stake in Gates Industrial in the 3rd quarter worth $140,000. Kestra Advisory Services LLC acquired a new stake in Gates Industrial in the 3rd quarter worth $296,000. Finally, Inscription Capital LLC grew its position in Gates Industrial by 7.2% in the 3rd quarter. Inscription Capital LLC now owns 16,077 shares of the company’s stock worth $421,000 after purchasing an additional 1,078 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Company Profile

Gates Industrial Corporation plc (NYSE: GTES) is a manufacturer of engineered power transmission and fluid power products. The company develops solutions designed to transfer power, control motion, and manage the flow of fluids in industrial and mobile applications.

Its product portfolio includes synchronous and V-belts, belt drives, hoses, hydraulic assemblies, couplings, tensioners, pulleys, and related components. Gates serves original equipment manufacturers, distributors, and aftermarket customers across industries such as automotive, agriculture, construction, energy, manufacturing, and general industrial equipment.

The company traces its roots to the Gates Rubber Company, founded in 1911 in Denver, Colorado.