Gates Industrial (NYSE:GTES) Given New $24.00 Price Target at Citigroup

Gates Industrial (NYSE:GTES) had its target price cut by Citigroup from $27.00 to $24.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently commented on GTES. Royal Bank of Canada boosted their target price on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. The Goldman Sachs Group increased their price objective on Gates Industrial from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Thursday, December 12th. Jefferies Financial Group lifted their target price on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, Barclays raised shares of Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.50.

Gates Industrial Price Performance

Shares of GTES opened at $20.27 on Monday. The stock has a market cap of $5.16 billion, a P/E ratio of 24.42 and a beta of 1.38. The business’s fifty day moving average is $21.25 and its 200 day moving average is $18.68. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. Gates Industrial has a 12-month low of $12.40 and a 12-month high of $23.34.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC raised its holdings in shares of Gates Industrial by 35.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the period. Bank of Montreal Can raised its stake in shares of Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock valued at $535,000 after buying an additional 823 shares during the period. Covestor Ltd lifted its position in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after buying an additional 1,001 shares during the last quarter. Tectonic Advisors LLC grew its stake in shares of Gates Industrial by 5.5% during the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after acquiring an additional 1,043 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Gates Industrial by 29.0% during the 4th quarter. GAMMA Investing LLC now owns 5,026 shares of the company’s stock worth $103,000 after acquiring an additional 1,130 shares during the period. 98.50% of the stock is currently owned by hedge funds and other 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.