Citigroup Has Lowered Expectations for Gates Industrial (NYSE:GTES) Stock Price

Gates Industrial (NYSE:GTES - Get Free Report) had its target price decreased by stock analysts at Citigroup from $27.00 to $24.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective would indicate a potential upside of 18.40% from the company's current price.

A number of other brokerages have also commented on GTES. KeyCorp upped their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday, November 21st. Barclays raised Gates Industrial from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $21.00 to $25.00 in a research report on Thursday, December 5th. Jefferies Financial Group raised 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. Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an "outperform" rating in a research report on Thursday, December 12th. Finally, The Goldman Sachs Group raised their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a research report on Thursday, December 12th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Gates Industrial presently has an average rating of "Moderate Buy" and a consensus target price of $22.50.

Gates Industrial Trading Up 2.7 %

GTES stock traded up $0.53 during midday trading on Monday, hitting $20.27. 2,522,049 shares of the company's stock were exchanged, compared to its average volume of 2,219,135. Gates Industrial has a one year low of $12.40 and a one year high of $23.34. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The company has a market cap of $5.16 billion, a PE ratio of 24.42 and a beta of 1.38. The stock's fifty day moving average price is $21.25 and its 200-day moving average price is $18.68.

Institutional Trading of Gates Industrial

A number of hedge funds have recently made changes to their positions in the business. Oliver Luxxe Assets LLC acquired a new stake in shares of Gates Industrial during the 4th quarter worth about $1,665,000. GAMMA Investing LLC raised its holdings in Gates Industrial by 29.0% in the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock valued at $103,000 after acquiring an additional 1,130 shares during the period. Versant Capital Management Inc lifted its position in Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company's stock worth $51,000 after acquiring an additional 1,598 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Gates Industrial by 6,879.6% during the third quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock worth $18,670,000 after acquiring an additional 1,048,596 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Gates Industrial by 138.0% in the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock valued at $68,159,000 after purchasing an additional 2,220,277 shares during the last quarter. 98.50% 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.