KeyCorp Raises Gates Industrial (NYSE:GTES) Price Target to $27.00

Gates Industrial (NYSE:GTES) had its target price lifted by KeyCorp from $23.00 to $27.00 in a research report sent to investors on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

GTES has been the topic of several other reports. Citigroup cut their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Barclays upgraded Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, December 12th. Jefferies Financial Group lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

Gates Industrial Trading Down 2.8 %

Shares of Gates Industrial stock opened at $22.56 on Friday. The business’s fifty day moving average is $21.01 and its two-hundred day moving average is $19.25. Gates Industrial has a fifty-two week low of $12.40 and a fifty-two week high of $23.34. The firm has a market cap of $5.75 billion, a PE ratio of 30.90 and a beta of 1.37. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.65%. Analysts anticipate that Gates Industrial will post 1.4 earnings per share for the current year.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after buying an additional 2,998 shares during the last quarter. Mutual of America Capital Management LLC acquired a new position in shares of Gates Industrial in the 3rd quarter worth approximately $597,000. Jennison Associates LLC increased its holdings in shares of Gates Industrial by 45.9% in the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after acquiring an additional 1,268,407 shares during the last quarter. Foundry Partners LLC acquired a new stake in shares of Gates Industrial during the 3rd quarter valued at approximately $4,247,000. Finally, Verition Fund Management LLC boosted its holdings in Gates Industrial by 322.7% in the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock worth $6,660,000 after purchasing an additional 289,722 shares during the period. Institutional investors own 98.50% of the company’s stock.

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.