Gates Industrial (NYSE:GTES) had its price objective raised by research analysts at Barclays from $15.00 to $16.00 in a research note issued to investors on Tuesday, The Fly reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 33.78% from the stock’s previous close.

GTES has been the topic of several other research reports. Zacks Investment Research upgraded Gates Industrial from a “sell” rating to a “buy” rating and set a $11.00 price objective on the stock in a research note on Wednesday, July 8th. Citigroup upped their price objective on Gates Industrial from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. KeyCorp upped their price objective on Gates Industrial from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Friday, August 28th. Credit Suisse Group upped their target price on Gates Industrial from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, Morgan Stanley upped their target price on Gates Industrial from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $12.33.

GTES opened at $11.96 on Tuesday. Gates Industrial has a 52-week low of $5.42 and a 52-week high of $14.30. The firm has a market capitalization of $3.47 billion, a PE ratio of 52.00 and a beta of 1.99. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.32 and a current ratio of 3.11. The business’s 50-day simple moving average is $11.52 and its 200 day simple moving average is $9.74.

Gates Industrial (NYSE:GTES) last released its earnings results on Tuesday, August 4th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.07. Gates Industrial had a return on equity of 6.38% and a net margin of 2.47%. The business had revenue of $576.50 million for the quarter, compared to analyst estimates of $567.66 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. Gates Industrial’s revenue was down 28.8% on a year-over-year basis. On average, research analysts forecast that Gates Industrial will post 0.44 earnings per share for the current year.

Hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB lifted its stake in shares of Gates Industrial by 50.8% in the 1st quarter. Handelsbanken Fonder AB now owns 296,731 shares of the company’s stock valued at $2,190,000 after acquiring an additional 100,000 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Gates Industrial by 1,072.8% in the 1st quarter. Invesco Ltd. now owns 1,539,419 shares of the company’s stock valued at $11,360,000 after acquiring an additional 1,408,160 shares during the last quarter. AXA bought a new position in shares of Gates Industrial in the 1st quarter valued at $1,092,000. State Street Corp lifted its stake in shares of Gates Industrial by 1.8% in the 1st quarter. State Street Corp now owns 599,861 shares of the company’s stock valued at $4,427,000 after acquiring an additional 10,495 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of Gates Industrial by 4.9% in the 2nd quarter. New York State Common Retirement Fund now owns 641,112 shares of the company’s stock valued at $6,591,000 after acquiring an additional 30,077 shares during the last quarter. 99.96% of the stock is currently 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.

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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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