Gates Industrial (NYSE:GTES) PT Raised to $22.00 at KeyCorp

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Gates Industrial (NYSE:GTES) had its price target boosted by analysts at KeyCorp from $20.00 to $22.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price target would suggest a potential upside of 24.93% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $17.00 to $21.00 in a research report on Monday, March 1st. TheStreet upgraded shares of Gates Industrial from a “d” rating to a “c” rating in a research report on Monday, January 25th. Barclays raised their price objective on shares of Gates Industrial from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Tuesday, April 6th. Zacks Investment Research upgraded shares of Gates Industrial from a “sell” rating to a “hold” rating in a research report on Monday, April 19th. Finally, Citigroup raised their price target on Gates Industrial from $18.00 to $22.00 in a research report on Tuesday, February 9th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $19.00.

Shares of GTES opened at $17.61 on Tuesday. The business’s 50-day moving average price is $16.84 and its 200-day moving average price is $14.78. Gates Industrial has a twelve month low of $8.15 and a twelve month high of $18.35. The stock has a market cap of $5.11 billion, a PE ratio of 70.44 and a beta of 1.87. The company has a quick ratio of 2.39, a current ratio of 3.13 and a debt-to-equity ratio of 1.03.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Sunday, May 9th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.31 by $0.02. Gates Industrial had a net margin of 2.73% and a return on equity of 6.84%. The company had revenue of $881.30 million during the quarter, compared to analysts’ expectations of $830.97 million. During the same quarter in the previous year, the company earned $0.21 earnings per share. Gates Industrial’s revenue for the quarter was up 24.1% on a year-over-year basis. Analysts expect that Gates Industrial will post 0.63 earnings per share for the current fiscal year.

In other news, major shareholder Aggregator (Cayman) L.P. Omaha sold 25,300,000 shares of the business’s stock in a transaction dated Tuesday, March 2nd. The stock was sold at an average price of $14.40, for a total value of $364,320,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.76% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in GTES. Private Capital Group LLC bought a new stake in Gates Industrial in the 1st quarter worth $27,000. Sowell Financial Services LLC bought a new stake in shares of Gates Industrial in the first quarter worth about $86,000. People s United Financial Inc. grew its stake in shares of Gates Industrial by 7.4% in the fourth quarter. People s United Financial Inc. now owns 12,399 shares of the company’s stock worth $158,000 after purchasing an additional 859 shares during the last quarter. Tudor Investment Corp Et Al increased its holdings in Gates Industrial by 39.3% during the 4th quarter. Tudor Investment Corp Et Al now owns 14,781 shares of the company’s stock valued at $189,000 after purchasing an additional 4,170 shares during the period. Finally, Comerica Bank bought a new position in Gates Industrial during the 1st quarter valued at approximately $194,000. 99.87% of the stock is owned by institutional investors and hedge funds.

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.

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