Barclays Has Lowered Expectations for Gates Industrial (NYSE:GTES) Stock Price

Gates Industrial (NYSE:GTES) had its target price reduced by analysts at Barclays from $26.00 to $25.00 in a report released on Wednesday, Marketbeat.com reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 28.81% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. The Goldman Sachs Group dropped their price target on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Evercore ISI lifted their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. Jefferies Financial Group upped their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, December 6th. 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. Finally, Citigroup reduced their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.00.

Gates Industrial Stock Performance

Shares of GTES opened at $19.41 on Wednesday. The firm has a market capitalization of $4.96 billion, a P/E ratio of 26.59 and a beta of 1.33. Gates Industrial has a 52 week low of $15.14 and a 52 week high of $23.85. The stock has a 50 day moving average price of $20.81 and a two-hundred day moving average price of $20.11. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20.

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

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson purchased 60,000 shares of the stock in a transaction dated Friday, March 7th. The shares were bought at an average price of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GTES. HighPoint Advisor Group LLC lifted its position in shares of Gates Industrial by 3.2% during the fourth quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock worth $331,000 after acquiring an additional 452 shares in the last quarter. EP Wealth Advisors LLC raised its stake in shares of Gates Industrial by 3.6% during the 4th quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company’s stock valued at $298,000 after purchasing an additional 504 shares during the period. MetLife Investment Management LLC raised its stake in shares of Gates Industrial by 15.8% during the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock valued at $86,000 after purchasing an additional 567 shares during the period. United Services Automobile Association lifted its holdings in Gates Industrial by 4.8% during the 4th quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock worth $289,000 after purchasing an additional 646 shares in the last quarter. Finally, Utah Retirement Systems boosted its stake in Gates Industrial by 6.4% in the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock worth $241,000 after purchasing an additional 700 shares during the period. 98.50% of the stock is currently owned by hedge funds and other 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.