Citigroup Increases Gates Industrial (NYSE:GTES) Price Target to $29.00

Gates Industrial (NYSE:GTES) had its target price hoisted by investment analysts at Citigroup from $22.00 to $29.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 18.85% from the company’s current price.

A number of other brokerages have also recently commented on GTES. Royal Bank Of Canada lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Barclays boosted their target price on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Wednesday, July 9th. Morgan Stanley reduced their price target on Gates Industrial from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. KeyCorp boosted their price objective on Gates Industrial from $23.00 to $26.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Finally, The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 27th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.44.

Gates Industrial Stock Performance

NYSE GTES opened at $24.40 on Monday. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $24.95. The company has a fifty day moving average of $22.30 and a 200-day moving average of $20.63. The company has a market capitalization of $6.29 billion, a P/E ratio of 29.76 and a beta of 1.22. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.35 and a current ratio of 3.33.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm had revenue of $847.60 million for the quarter, compared to analyst estimates of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.31 EPS. As a group, equities research analysts predict that Gates Industrial will post 1.36 EPS for the current fiscal year.

Institutional Trading of Gates Industrial

A number of hedge funds have recently modified their holdings of the business. FMR LLC grew its position in Gates Industrial by 48.9% during the 4th quarter. FMR LLC now owns 19,442,436 shares of the company’s stock valued at $399,931,000 after purchasing an additional 6,383,165 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Gates Industrial by 1,185.0% during the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock valued at $69,187,000 after acquiring an additional 3,101,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Gates Industrial by 540.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock worth $74,247,000 after acquiring an additional 3,046,064 shares during the last quarter. Norges Bank bought a new position in Gates Industrial in the 4th quarter valued at approximately $56,520,000. Finally, Raymond James Financial Inc. purchased a new stake in Gates Industrial during the 4th quarter valued at $42,080,000. 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.