Gates Industrial (NYSE:GTES) Price Target Lowered to $24.00 at Citigroup

Gates Industrial (NYSE:GTES) had its target price reduced by investment analysts at Citigroup from $27.00 to $24.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 20.36% from the stock’s current price.

Several other research analysts have also issued reports on the company. Jefferies Financial Group increased their price objective on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada increased their target price on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Barclays upgraded shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $21.00 to $25.00 in a research report on Thursday, December 5th. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Finally, KeyCorp boosted their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Gates Industrial Stock Performance

Shares of NYSE GTES traded up $0.20 during trading hours on Monday, reaching $19.94. The stock had a trading volume of 612,406 shares, compared to its average volume of 1,941,581. Gates Industrial has a twelve month low of $12.40 and a twelve month high of $23.34. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11. The business’s fifty day moving average is $21.25 and its two-hundred day moving average is $18.68. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 24.02 and a beta of 1.38.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC increased its holdings in shares of Gates Industrial by 341.1% in the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares in the last quarter. Versant Capital Management Inc raised its holdings in Gates Industrial by 178.3% during the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after buying an additional 1,598 shares during the period. Venturi Wealth Management LLC lifted its stake in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after buying an additional 814 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Gates Industrial during the third quarter worth $67,000. Finally, GAMMA Investing LLC raised its holdings in shares of Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares during the period. 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.