Gates Industrial (NYSE:GTES – Get Free Report) had its price target cut by research analysts at Citigroup from $17.00 to $16.00 in a research report issued on Friday, FlyOnTheWall reports. Citigroup’s price target indicates a potential upside of 21.77% from the stock’s current price.
A number of other research firms also recently issued reports on GTES. Robert W. Baird lifted their price target on Gates Industrial from $18.00 to $19.00 in a research note on Friday, May 5th. UBS Group boosted their target price on Gates Industrial from $16.00 to $18.00 in a research note on Monday, May 8th. VNET Group restated a “maintains” rating on shares of Gates Industrial in a research note on Tuesday, May 9th. The Goldman Sachs Group downgraded Gates Industrial from a “buy” rating to a “neutral” rating and set a $14.50 target price on the stock. in a research note on Tuesday, June 20th. Finally, Evercore ISI cut their target price on Gates Industrial from $15.00 to $14.00 in a research note on Tuesday, May 9th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $15.25.
Gates Industrial Price Performance
GTES stock opened at $13.14 on Friday. The company has a market capitalization of $3.71 billion, a P/E ratio of 17.29 and a beta of 1.57. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.30 and a current ratio of 3.19. Gates Industrial has a 52-week low of $9.40 and a 52-week high of $14.93. The business has a 50-day simple moving average of $13.10 and a two-hundred day simple moving average of $13.25.
Insider Buying and Selling
In other Gates Industrial news, Director Fredrik J. Eliasson bought 50,000 shares of the stock in a transaction on Thursday, May 25th. The shares were acquired at an average price of $11.57 per share, with a total value of $578,500.00. Following the acquisition, the director now directly owns 71,130 shares of the company’s stock, valued at approximately $822,974.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Gates Industrial news, major shareholder Blackstone Inc. sold 47,809,634 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $11.40, for a total transaction of $545,029,827.60. Following the sale, the insider now owns 195,491 shares of the company’s stock, valued at approximately $2,228,597.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Fredrik J. Eliasson bought 50,000 shares of the stock in a transaction on Thursday, May 25th. The shares were acquired at an average cost of $11.57 per share, for a total transaction of $578,500.00. Following the acquisition, the director now directly owns 71,130 shares in the company, valued at $822,974.10. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Gates Industrial
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC increased its holdings in shares of Gates Industrial by 787.8% in the second quarter. CWM LLC now owns 1,891 shares of the company’s stock worth $25,000 after purchasing an additional 1,678 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Gates Industrial by 207.3% in the first quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock worth $33,000 after purchasing an additional 1,588 shares during the period. HBK Sorce Advisory LLC bought a new position in shares of Gates Industrial in the fourth quarter worth $40,000. Acadian Asset Management LLC bought a new position in shares of Gates Industrial in the first quarter worth $45,000. Finally, Quarry LP bought a new position in shares of Gates Industrial in the first quarter worth $51,000.
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.
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