Morgan Stanley Cuts Gates Industrial (NYSE:GTES) Price Target to $22.00

Gates Industrial (NYSE:GTES) had its price target cut by equities researchers at Morgan Stanley from $24.00 to $22.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 11.00% from the company’s current price.

Several other research firms have also recently issued reports on GTES. Royal Bank of Canada increased their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday. Barclays dropped their price objective on Gates Industrial from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. KeyCorp raised their target price on Gates Industrial from $21.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday. Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $21.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Evercore ISI raised 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. Three 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 has a consensus rating of “Moderate Buy” and a consensus price target of $22.78.

Gates Industrial Trading Up 4.0 %

Gates Industrial stock opened at $19.82 on Thursday. The firm has a 50-day moving average price of $18.55 and a two-hundred day moving average price of $20.12. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $23.85. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 27.15 and a beta of 1.24. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, April 30th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. The firm had revenue of $847.60 million for the quarter, compared to analysts’ expectations of $823.56 million. During the same period last year, the firm earned $0.31 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. Sell-side analysts expect 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 bought 60,000 shares of the firm’s stock in a transaction dated 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 completion of 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Arizona State Retirement System grew its stake in Gates Industrial by 4.3% during the 1st quarter. Arizona State Retirement System now owns 73,063 shares of the company’s stock valued at $1,345,000 after acquiring an additional 3,015 shares in the last quarter. Xponance Inc. grew its position in Gates Industrial by 8.7% during the first quarter. Xponance Inc. now owns 11,359 shares of the company’s stock valued at $209,000 after purchasing an additional 909 shares in the last quarter. Cerity Partners LLC increased its stake in Gates Industrial by 9.4% in the 1st quarter. Cerity Partners LLC now owns 176,961 shares of the company’s stock valued at $3,258,000 after buying an additional 15,260 shares during the period. DekaBank Deutsche Girozentrale lifted its position in Gates Industrial by 4.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 356,629 shares of the company’s stock worth $6,472,000 after buying an additional 15,813 shares in the last quarter. Finally, Personal CFO Solutions LLC boosted its stake in shares of Gates Industrial by 6.4% during the 1st quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company’s stock valued at $206,000 after buying an additional 670 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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.