Barclays Cuts Gates Industrial (NYSE:GTES) Price Target to $26.00

Gates Industrial (NYSE:GTES) had its price target trimmed by Barclays from $27.00 to $26.00 in a research report sent to investors on Monday morning, MarketBeat Ratings reports. The firm currently has an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Citigroup cut their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Royal Bank of Canada increased their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Evercore ISI increased their price target 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. KeyCorp increased their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group increased their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.22.

Gates Industrial Stock Performance

Gates Industrial stock opened at $19.24 on Monday. 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 has a 1 year low of $15.14 and a 1 year high of $23.85. The company has a market cap of $4.92 billion, a PE ratio of 26.36 and a beta of 1.33. The company’s 50-day moving average is $21.00 and its two-hundred day moving average is $19.97.

Gates Industrial (NYSE:GTES) last released its earnings results on Thursday, February 13th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. Equities analysts anticipate that Gates Industrial will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares of the company’s stock, valued at $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 SEC, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

Hedge funds and other institutional investors have recently made changes to their positions in the company. GeoWealth Management LLC grew its stake in shares of Gates Industrial by 187.4% in the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock valued at $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. boosted its position in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after purchasing an additional 1,514 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Gates Industrial during the fourth quarter worth $43,000. Versant Capital Management Inc boosted its position in Gates Industrial by 178.3% during the fourth quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after purchasing an additional 1,598 shares during the period. Finally, SRS Capital Advisors Inc. boosted its position in Gates Industrial by 38.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after purchasing an additional 724 shares during the period. 98.50% of the stock is owned by institutional investors.

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.