Gates Industrial (NYSE:GTES) Price Target Cut to $33.00 by Analysts at JPMorgan Chase & Co.

Gates Industrial (NYSE:GTES) had its target price decreased by JPMorgan Chase & Co. from $35.00 to $33.00 in a report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research firms have also commented on GTES. Industrial Alliance Securities set a $35.00 target price on Gates Industrial in a report on Monday, August 25th. Royal Bank Of Canada dropped their target price on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday. KeyCorp reaffirmed an “overweight” rating and set a $30.00 target price (up from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. Citigroup dropped their target price on Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Zacks Research lowered Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.64.

Gates Industrial Trading Down 2.9%

Shares of NYSE:GTES opened at $21.84 on Thursday. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $26.46. The stock has a market cap of $5.63 billion, a price-to-earnings ratio of 24.00 and a beta of 1.25. The company has a quick ratio of 2.46, a current ratio of 3.52 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $25.35 and a 200-day moving average price of $23.27.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Gates Industrial had a return on equity of 10.38% and a net margin of 6.93%.The firm had revenue of $855.70 million during the quarter, compared to analysts’ expectations of $860.95 million. During the same period last year, the business posted $0.33 earnings per share. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. Equities analysts predict that Gates Industrial will post 1.36 EPS for the current year.

Institutional Trading of Gates Industrial

Several institutional investors have recently bought and sold shares of the business. Invesco Ltd. grew its holdings in Gates Industrial by 3.1% in the second quarter. Invesco Ltd. now owns 7,635,419 shares of the company’s stock valued at $175,844,000 after purchasing an additional 226,578 shares during the period. State Street Corp grew its holdings in Gates Industrial by 2.4% in the second quarter. State Street Corp now owns 7,346,884 shares of the company’s stock valued at $169,199,000 after purchasing an additional 170,597 shares during the period. Fiduciary Management Inc. WI grew its holdings in Gates Industrial by 0.6% in the first quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company’s stock valued at $133,774,000 after purchasing an additional 41,541 shares during the period. Jennison Associates LLC grew its holdings in Gates Industrial by 30.5% in the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock valued at $127,386,000 after purchasing an additional 1,618,598 shares during the period. Finally, American Century Companies Inc. grew its holdings in Gates Industrial by 4.2% in the second quarter. American Century Companies Inc. now owns 6,461,861 shares of the company’s stock valued at $148,817,000 after purchasing an additional 261,429 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

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.