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

Gates Industrial (NYSE:GTES) had its target price cut by The Goldman Sachs Group from $26.00 to $23.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

GTES has been the subject of a number of other reports. Royal Bank of Canada upped their price objective on Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Evercore ISI upped their price target 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 dropped their price objective on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, January 13th. Barclays reduced their target price on shares of Gates Industrial from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, March 10th. Finally, 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 note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.11.

Gates Industrial Trading Up 1.5 %

NYSE GTES opened at $19.59 on Wednesday. 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 has a one year low of $15.14 and a one year high of $23.85. The company has a 50-day simple moving average of $20.86 and a 200-day simple moving average of $20.02. The firm has a market capitalization of $5.00 billion, a PE ratio of 26.84 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, equities analysts forecast that Gates Industrial will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other 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 cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the transaction, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Institutional Trading of Gates Industrial

Several institutional investors have recently modified their holdings of the company. KBC Group NV raised 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 worth $99,000 after acquiring an additional 1,468 shares in the last quarter. CIBC Asset Management Inc acquired a new position in shares of Gates Industrial in the 3rd quarter worth approximately $305,000. Natixis Advisors LLC raised its holdings in shares of Gates Industrial by 25.3% in the 3rd quarter. Natixis Advisors LLC now owns 170,785 shares of the company’s stock worth $2,997,000 after purchasing an additional 34,461 shares in the last quarter. Mutual of America Capital Management LLC bought a new stake in shares of Gates Industrial in the 3rd quarter worth approximately $597,000. Finally, Thrivent Financial for Lutherans lifted its stake in Gates Industrial by 21.0% during the third quarter. Thrivent Financial for Lutherans now owns 958,417 shares of the company’s stock valued at $16,820,000 after purchasing an additional 166,635 shares during the last quarter. Institutional investors and hedge funds 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.