Analysts Set Gates Industrial Corp PLC (NYSE:GTES) Price Target at $22.50

Shares of Gates Industrial Corp PLC (NYSE:GTES) have been assigned an average rating of “Moderate Buy” from the ten research firms that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $22.50.

A number of analysts recently commented on GTES shares. Citigroup dropped their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Royal Bank of Canada boosted their price target on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, December 12th. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Jefferies Financial Group boosted their target price on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $21.00 to $25.00 in a research note on Thursday, December 5th.

Institutional Investors Weigh In On Gates Industrial

Institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc boosted its holdings in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock valued at $51,000 after purchasing an additional 1,598 shares during the period. Venturi Wealth Management LLC raised its position in shares of Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after buying an additional 814 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Gates Industrial during the third quarter valued at $67,000. GAMMA Investing LLC grew its position in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after buying an additional 2,998 shares in the last quarter. Finally, Quarry LP bought a new position in Gates Industrial in the 3rd quarter worth about $71,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

Gates Industrial stock opened at $20.77 on Friday. Gates Industrial has a 52 week low of $12.40 and a 52 week high of $23.34. The company’s 50 day moving average price is $21.18 and its two-hundred day moving average price is $19.00. The stock has a market cap of $5.29 billion, a P/E ratio of 25.02 and a beta of 1.38. 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 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.