The Goldman Sachs Group Lowers Gates Industrial (NYSE:GTES) Price Target to $23.00

Gates Industrial (NYSE:GTES) had its price objective lowered by equities research analysts at The Goldman Sachs Group from $26.00 to $23.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 16.97% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Evercore ISI increased their price objective 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. Citigroup lowered their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada increased their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Jefferies Financial Group raised 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. Finally, Barclays decreased their price target on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.11.

Gates Industrial Stock Performance

Gates Industrial stock opened at $19.66 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. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of 26.94 and a beta of 1.33. The firm has a 50 day simple moving average of $20.85 and a 200-day simple moving average of $20.02. Gates Industrial has a 1-year low of $15.14 and a 1-year high of $23.85.

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 analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, analysts expect that Gates Industrial will post 1.36 EPS for the current year.

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson acquired 60,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors have recently modified their holdings of GTES. KBC Group NV lifted its position in Gates Industrial by 35.1% in the third quarter. KBC Group NV now owns 5,646 shares of the company’s stock valued at $99,000 after acquiring an additional 1,468 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in Gates Industrial in the third quarter valued at $305,000. Natixis Advisors LLC lifted its position in Gates Industrial by 25.3% in the third quarter. Natixis Advisors LLC now owns 170,785 shares of the company’s stock valued at $2,997,000 after acquiring an additional 34,461 shares during the last quarter. Mutual of America Capital Management LLC purchased a new stake in Gates Industrial in the third quarter valued at $597,000. Finally, Thrivent Financial for Lutherans lifted its position in Gates Industrial by 21.0% in the third quarter. Thrivent Financial for Lutherans now owns 958,417 shares of the company’s stock valued at $16,820,000 after acquiring an additional 166,635 shares during the last quarter. 98.50% of the stock is 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.