Barclays Cuts Gates Industrial (NYSE:GTES) Price Target to $25.00

Gates Industrial (NYSE:GTES) had its price target decreased by stock analysts at Barclays from $26.00 to $25.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 24.29% from the stock’s previous close.

A number of other research firms have also recently weighed in on GTES. The Goldman Sachs Group reduced their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Citigroup dropped their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada lifted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Evercore ISI raised their price objective on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. Finally, KeyCorp lifted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Gates Industrial Trading Up 0.4 %

Shares of Gates Industrial stock opened at $20.12 on Wednesday. Gates Industrial has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. 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 company has a market cap of $5.14 billion, a P/E ratio of 27.60 and a beta of 1.33. The firm has a 50-day simple moving average of $20.83 and a two-hundred day simple moving average of $20.12.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, equities analysts predict that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Insider Activity at Gates Industrial

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the acquisition, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Hedge funds have recently bought and sold shares of the stock. Mutual of America Capital Management LLC purchased a new stake in shares of Gates Industrial during the third quarter worth approximately $597,000. Pathstone Holdings LLC increased its position in shares of Gates Industrial by 39.2% in the 3rd quarter. Pathstone Holdings LLC now owns 81,708 shares of the company’s stock valued at $1,434,000 after purchasing an additional 23,005 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Gates Industrial by 22.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,331,110 shares of the company’s stock valued at $40,911,000 after purchasing an additional 428,297 shares in the last quarter. Citigroup Inc. lifted its position in shares of Gates Industrial by 38.4% during the 3rd quarter. Citigroup Inc. now owns 245,335 shares of the company’s stock worth $4,306,000 after purchasing an additional 68,130 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of Gates Industrial by 15.1% during the third quarter. Cerity Partners LLC now owns 176,382 shares of the company’s stock worth $3,096,000 after purchasing an additional 23,175 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.