Gates Industrial (NYSE:GTES) Given New $23.00 Price Target at The Goldman Sachs Group

Gates Industrial (NYSE:GTES) had its target price reduced by The Goldman Sachs Group from $26.00 to $23.00 in a report released on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada raised 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. Barclays cut their target price on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. KeyCorp lifted their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Citigroup decreased their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Finally, Evercore ISI boosted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a research note on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.11.

Gates Industrial Trading Down 1.7 %

GTES opened at $19.33 on Wednesday. The firm has a market capitalization of $4.94 billion, a PE ratio of 26.48 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 has a fifty-two week low of $15.14 and a fifty-two week high of $23.85. The company’s 50-day moving average is $20.84 and its 200 day moving average is $20.03.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, research analysts predict that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction dated 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 transaction, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Large investors have recently added to or reduced their stakes in the business. GeoWealth Management LLC grew its stake in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. boosted its holdings in Gates Industrial by 2,968.6% in the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Gates Industrial during the fourth quarter valued at about $43,000. Versant Capital Management Inc grew its holdings in shares of 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 acquiring an additional 1,598 shares during the period. Finally, SRS Capital Advisors Inc. raised its holdings in Gates Industrial by 38.1% in 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 in the last quarter. Institutional investors own 98.50% of the company’s stock.

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.