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

Gates Industrial (NYSE:GTES) had its price target reduced by research analysts at Barclays from $26.00 to $25.00 in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 28.81% from the stock’s current price.

Several other equities analysts have also commented on the company. KeyCorp raised their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Jefferies Financial Group increased their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Royal Bank of Canada increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, The Goldman Sachs Group decreased their target price on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Gates Industrial Trading Down 1.7 %

Shares of Gates Industrial stock opened at $19.41 on Wednesday. The company has a 50 day simple moving average of $20.81 and a two-hundred day simple moving average of $20.11. The firm has a market cap of $4.96 billion, a PE ratio of 26.59 and a beta of 1.33. Gates Industrial has a 1 year low of $15.14 and a 1 year high of $23.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (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%. Analysts expect that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System increased its stake in shares of Gates Industrial by 14.1% during the fourth quarter. California State Teachers Retirement System now owns 225,512 shares of the company’s stock valued at $4,639,000 after buying an additional 27,898 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Gates Industrial by 3.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,815 shares of the company’s stock valued at $819,000 after purchasing an additional 1,363 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Gates Industrial in the 4th quarter worth $10,033,000. Brucke Financial Inc. purchased a new stake in shares of Gates Industrial in the 4th quarter worth about $224,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Gates Industrial during the 4th quarter valued at about $209,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Company Profile

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.