Barclays Cuts Gates Industrial (NYSE:GTES) Price Target to $25.00

Gates Industrial (NYSE:GTES) had its target price lowered by Barclays from $26.00 to $25.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently commented on GTES. 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 note on Friday, December 6th. Citigroup reduced their price target on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. KeyCorp upped their price objective on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. The Goldman Sachs Group reduced their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, Evercore ISI increased their price target on 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 equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and an average target price of $24.00.

Gates Industrial Stock Down 4.4 %

Gates Industrial stock opened at $18.48 on Wednesday. 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 simple moving average is $20.77 and its 200 day simple moving average is $20.12. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 25.31 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share 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, sell-side analysts anticipate that Gates Industrial will post 1.36 EPS for the current year.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of Gates Industrial stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. HighPoint Advisor Group LLC lifted its holdings 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 purchasing an additional 452 shares during the period. EP Wealth Advisors LLC boosted its stake in 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 last quarter. MetLife Investment Management LLC raised its holdings in shares of Gates Industrial by 15.8% in the fourth 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 last quarter. United Services Automobile Association increased its position in shares of Gates Industrial by 4.8% during the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock valued at $289,000 after acquiring an additional 646 shares during the last quarter. Finally, Utah Retirement Systems boosted its stake in Gates Industrial by 6.4% in the fourth quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock valued at $241,000 after acquiring an additional 700 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

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.