Gates Industrial (NYSE:GTES - Get Free Report) had its target price lowered by equities research analysts at The Goldman Sachs Group from $26.00 to $23.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. The Goldman Sachs Group's price target would suggest a potential upside of 19.00% from the stock's previous close.
Several other analysts also recently commented on the stock. Royal Bank of Canada upped their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Barclays reduced their price target on shares of Gates Industrial from $27.00 to $26.00 and set an "overweight" rating for the company in a research report on Monday, March 10th. Jefferies Financial Group boosted their price objective 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. Citigroup dropped their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Finally, Evercore ISI boosted their price objective 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 research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.11.
Check Out Our Latest Report on GTES
Gates Industrial Stock Down 1.7 %
Shares of GTES stock traded down $0.33 during trading on Wednesday, reaching $19.33. The company's stock had a trading volume of 4,046,285 shares, compared to its average volume of 2,829,797. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 26.48 and a beta of 1.33. The stock's 50-day moving average price is $20.84 and its 200 day moving average price is $20.07. Gates Industrial has a 1-year low of $15.14 and a 1-year high of $23.85.
Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, research analysts anticipate that Gates Industrial will post 1.36 EPS for the current year.
Insider Transactions at Gates Industrial
In related news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction dated 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 purchase, the director now directly owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company's stock.
Hedge Funds Weigh In On Gates Industrial
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GeoWealth Management LLC grew its stake in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock valued at $25,000 after acquiring an additional 789 shares during the last quarter. Assetmark Inc. grew its stake in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company's stock valued at $32,000 after acquiring an additional 1,514 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial in the 4th quarter valued at about $43,000. Versant Capital Management Inc grew its stake 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 acquiring an additional 1,598 shares during the last quarter. Finally, SRS Capital Advisors Inc. grew its stake in Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company's stock valued at $54,000 after acquiring an additional 724 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.
About Gates Industrial
(
Get Free Report)
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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