Gates Industrial (NYSE:GTES) Price Target Lowered to $23.00 at The Goldman Sachs Group

Gates Industrial (NYSE:GTES) had its target price reduced by analysts at The Goldman Sachs Group from $26.00 to $23.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 19.42% from the stock’s previous close.

GTES has been the topic of a number of other research reports. Barclays cut their price objective on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, March 10th. Evercore ISI boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. Citigroup cut their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Royal Bank of Canada boosted their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, KeyCorp boosted their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.11.

Gates Industrial Trading Down 0.3 %

Shares of GTES traded down $0.05 during mid-day trading on Wednesday, reaching $19.26. The company had a trading volume of 35,206 shares, compared to its average volume of 2,658,395. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of 26.36 and a beta of 1.33. The firm has a fifty day simple moving average of $20.87 and a 200-day simple moving average of $20.02. Gates Industrial has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last posted its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting 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, sell-side analysts anticipate that Gates Industrial will post 1.36 EPS for the current fiscal year.

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average price 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. This represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Institutional investors have recently modified their holdings of the business. Mutual of America Capital Management LLC bought a new stake in shares of Gates Industrial during the 3rd quarter valued at about $597,000. Foundry Partners LLC bought a new stake in shares of Gates Industrial during the 3rd quarter valued at about $4,247,000. Jennison Associates LLC grew its position in shares of Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after buying an additional 1,268,407 shares during the last quarter. Verition Fund Management LLC grew its position in Gates Industrial by 322.7% in the 3rd quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock worth $6,660,000 after purchasing an additional 289,722 shares during the last quarter. Finally, Stifel Financial Corp grew its position in Gates Industrial by 40.3% in the 3rd quarter. Stifel Financial Corp now owns 139,338 shares of the company’s stock worth $2,445,000 after purchasing an additional 40,027 shares during the last quarter. Institutional investors 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.