Barclays Issues Pessimistic Forecast for Gates Industrial (NYSE:GTES) Stock Price

Gates Industrial (NYSE:GTES) had its price objective cut by analysts at Barclays from $26.00 to $25.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 24.29% from the stock’s current price.

Several other research firms have also recently commented on GTES. Citigroup lowered their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Evercore ISI raised their target price on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. The Goldman Sachs Group dropped their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Jefferies Financial Group lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada raised their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Gates Industrial Price Performance

Gates Industrial stock opened at $20.12 on Wednesday. The business has a 50 day simple moving average of $20.83 and a 200-day simple moving average of $20.12. Gates Industrial has a 12 month low of $15.14 and a 12 month high of $23.85. The stock has a market capitalization of $5.14 billion, a PE ratio of 27.60 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS 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%. Equities analysts predict that Gates Industrial will post 1.36 earnings per share for the current year.

Insider Activity at Gates Industrial

In related news, Director Fredrik J. Eliasson bought 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gates Industrial

A number of institutional investors have recently modified their holdings of GTES. Mutual of America Capital Management LLC acquired a new position in Gates Industrial in the 3rd quarter valued at $597,000. Verition Fund Management LLC boosted its holdings in Gates Industrial by 322.7% during the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after acquiring an additional 289,722 shares during the period. Stifel Financial Corp grew its position in shares of Gates Industrial by 40.3% in the third quarter. Stifel Financial Corp now owns 139,338 shares of the company’s stock valued at $2,445,000 after purchasing an additional 40,027 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Gates Industrial by 22.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,331,110 shares of the company’s stock worth $40,911,000 after purchasing an additional 428,297 shares during the period. Finally, Park Avenue Securities LLC lifted its position in shares of Gates Industrial by 29.1% during the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company’s stock worth $1,027,000 after purchasing an additional 11,251 shares during the last quarter. 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.