Gates Industrial (NYSE:GTES - Free Report) had its price objective cut by Barclays from $27.00 to $26.00 in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have an overweight rating on the stock.
GTES has been the topic of several other research reports. KeyCorp lifted their price objective on Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Citigroup reduced their target price on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Jefferies Financial Group increased their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research note on Thursday, December 12th. Finally, Evercore ISI raised their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $24.22.
View Our Latest Report on Gates Industrial
Gates Industrial Price Performance
NYSE GTES traded down $0.45 during trading hours on Monday, hitting $18.82. The company had a trading volume of 2,301,376 shares, compared to its average volume of 2,924,487. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of 25.77 and a beta of 1.33. Gates Industrial has a 52 week low of $15.14 and a 52 week high of $23.85. The firm has a 50 day simple moving average of $20.97 and a 200 day simple moving average of $19.97.
Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities research analysts expect that Gates Industrial will post 1.36 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Fredrik J. Eliasson bought 60,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company's stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.
Institutional Trading of Gates Industrial
Large investors have recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC purchased a new position in shares of Gates Industrial during the 3rd quarter worth $597,000. Foundry Partners LLC bought a new position in Gates Industrial in the 3rd quarter worth $4,247,000. Jennison Associates LLC lifted its position in Gates Industrial by 45.9% during the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company's stock valued at $70,763,000 after purchasing an additional 1,268,407 shares in the last quarter. Verition Fund Management LLC grew its holdings in Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company's stock valued at $6,660,000 after purchasing an additional 289,722 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Gates Industrial by 20.1% during the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company's stock valued at $19,154,000 after purchasing an additional 182,307 shares during the period. 98.50% of the stock is currently owned by institutional investors.
Gates Industrial Company Profile
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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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