Citigroup Lowers Gates Industrial (NYSE:GTES) Price Target to $21.00

Gates Industrial (NYSE:GTES) had its target price reduced by Citigroup from $27.00 to $21.00 in a report issued on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other brokerages have also recently commented on GTES. Royal Bank of Canada lifted their price target on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. KeyCorp dropped their price target on shares of Gates Industrial from $27.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. 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 report on Wednesday, February 19th. The Goldman Sachs Group dropped their target price on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Finally, Barclays lowered their price target on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.67.

Gates Industrial Price Performance

GTES stock opened at $17.37 on Monday. The firm has a market cap of $4.44 billion, a P/E ratio of 23.79 and a beta of 1.24. The firm’s fifty day moving average is $19.91 and its 200 day moving average is $20.13. Gates Industrial has a 52 week low of $14.70 and a 52 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.

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

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 business. HighTower Advisors LLC bought a new position in Gates Industrial during the 3rd quarter valued at approximately $179,000. Stifel Financial Corp increased its holdings in shares of Gates Industrial by 40.3% during the third quarter. Stifel Financial Corp now owns 139,338 shares of the company’s stock valued at $2,445,000 after acquiring an additional 40,027 shares in the last quarter. State Street Corp raised its position in shares of Gates Industrial by 112.9% in the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after purchasing an additional 3,459,450 shares during the last quarter. MML Investors Services LLC raised its position in shares of Gates Industrial by 10.9% in the 3rd quarter. MML Investors Services LLC now owns 84,684 shares of the company’s stock worth $1,486,000 after purchasing an additional 8,301 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Gates Industrial during the 3rd quarter valued at about $408,000. 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.