Gates Industrial (NYSE:GTES) Given New $26.00 Price Target at Jefferies Financial Group

Gates Industrial (NYSE:GTES) had its price target raised by Jefferies Financial Group from $23.00 to $26.00 in a research note published on Friday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

GTES has been the subject of several other research reports. Evercore ISI upped their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a report on Monday, August 19th. KeyCorp raised their price target on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $21.00 to $25.00 in a research note on Thursday. Finally, Morgan Stanley started coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.30.

Gates Industrial Stock Down 1.3 %

Shares of NYSE GTES opened at $22.64 on Friday. The business has a 50-day moving average price of $19.82 and a 200 day moving average price of $17.92. The stock has a market cap of $5.77 billion, a PE ratio of 27.28 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 has a 52-week low of $11.22 and a 52-week high of $23.34.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GTES. Franklin Resources Inc. grew its position in Gates Industrial by 138.0% during the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock worth $68,159,000 after buying an additional 2,220,277 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Gates Industrial in the 3rd quarter worth approximately $1,376,000. Geode Capital Management LLC increased its stake in Gates Industrial by 16.0% in the 3rd quarter. Geode Capital Management LLC now owns 3,460,855 shares of the company’s stock valued at $60,755,000 after purchasing an additional 476,962 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Gates Industrial during the third quarter worth $408,000. Finally, MML Investors Services LLC boosted its position in Gates Industrial by 10.9% during the third quarter. MML Investors Services LLC now owns 84,684 shares of the company’s stock worth $1,486,000 after purchasing an additional 8,301 shares in the last quarter. Institutional investors and hedge funds 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.