Shares of Gates Industrial Corp PLC (NYSE:GTES – Get Rating) have been given an average rating of “Hold” by the eleven analysts that are presently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $13.33.
GTES has been the topic of several recent analyst reports. Citigroup raised their target price on Gates Industrial from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, December 9th. Robert W. Baird cut their target price on Gates Industrial from $19.00 to $14.00 in a research note on Monday, November 7th. Morgan Stanley cut their target price on Gates Industrial from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 12th. Credit Suisse Group raised their target price on Gates Industrial from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, November 7th. Finally, KeyCorp cut their target price on Gates Industrial from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, October 14th.
Gates Industrial Trading Up 0.9 %
NYSE GTES opened at $12.80 on Wednesday. The stock’s 50-day simple moving average is $11.66 and its two-hundred day simple moving average is $11.32. Gates Industrial has a twelve month low of $9.40 and a twelve month high of $16.44. The company has a quick ratio of 2.05, a current ratio of 2.97 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 18.82 and a beta of 1.54.
Hedge Funds Weigh In On Gates Industrial
A number of hedge funds have recently added to or reduced their stakes in the company. Riverwater Partners LLC purchased a new position in Gates Industrial in the 4th quarter worth approximately $133,000. State of Alaska Department of Revenue raised its holdings in Gates Industrial by 140.5% in the 4th quarter. State of Alaska Department of Revenue now owns 158,829 shares of the company’s stock worth $1,812,000 after acquiring an additional 92,800 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Gates Industrial by 3.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 343,069 shares of the company’s stock worth $3,349,000 after acquiring an additional 10,346 shares during the last quarter. Alpha Paradigm Partners LLC purchased a new position in Gates Industrial in the 3rd quarter worth approximately $220,000. Finally, Balyasny Asset Management LLC purchased a new stake in Gates Industrial during the 3rd quarter valued at $322,000.
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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