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

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

A number of other analysts have also issued reports on GTES. KeyCorp increased their target price on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Barclays decreased their price objective on Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. 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. Citigroup reduced their price target 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. Finally, Evercore ISI boosted their price objective 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. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.11.

Gates Industrial Price Performance

NYSE GTES opened at $19.59 on Wednesday. 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 $5.00 billion, a PE ratio of 26.84 and a beta of 1.33. The stock’s 50-day moving average price is $20.86 and its two-hundred day moving average price is $20.02.

Gates Industrial (NYSE:GTES) last released its quarterly 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%. On average, analysts predict that Gates Industrial will post 1.36 EPS for the current year.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction on Friday, March 7th. The shares were purchased at an average cost 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 of the company’s stock, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Gates Industrial

Several large investors have recently made changes to their positions in GTES. HighPoint Advisor Group LLC raised its stake in shares of Gates Industrial by 3.2% in the 4th quarter. HighPoint Advisor Group LLC now owns 14,800 shares of the company’s stock valued at $331,000 after acquiring an additional 452 shares in the last quarter. EP Wealth Advisors LLC raised its position in shares of Gates Industrial by 3.6% in the fourth 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 position 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 period. United Services Automobile Association lifted its stake in shares of Gates Industrial by 4.8% in the fourth quarter. United Services Automobile Association now owns 14,054 shares of the company’s stock worth $289,000 after buying an additional 646 shares during the last quarter. Finally, Utah Retirement Systems boosted its holdings in shares of Gates Industrial by 6.4% during the 4th quarter. Utah Retirement Systems now owns 11,700 shares of the company’s stock worth $241,000 after buying an additional 700 shares during the period. Institutional investors own 98.50% of the company’s stock.

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.