Barclays Cuts Gates Industrial (NYSE:GTES) Price Target to $25.00

Gates Industrial (NYSE:GTES) had its price target trimmed by Barclays from $26.00 to $25.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the company. KeyCorp lifted their price target on Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Evercore ISI upped their price target 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. Royal Bank of Canada upped their price objective on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. The Goldman Sachs Group reduced their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, Citigroup dropped their target price 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. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Gates Industrial Stock Down 4.4 %

Shares of NYSE:GTES opened at $18.48 on Wednesday. The firm has a market cap of $4.72 billion, a PE ratio of 25.31 and a beta of 1.33. The company has a fifty day simple moving average of $20.77 and a 200 day simple moving average of $20.12. 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 12-month low of $15.14 and a 12-month high of $23.85.

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

Insider Buying and Selling

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System raised its position in shares of Gates Industrial by 14.1% during the fourth quarter. California State Teachers Retirement System now owns 225,512 shares of the company’s stock worth $4,639,000 after acquiring an additional 27,898 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Gates Industrial by 3.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,815 shares of the company’s stock worth $819,000 after purchasing an additional 1,363 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Gates Industrial during the 4th quarter worth about $10,033,000. Brucke Financial Inc. acquired a new position in Gates Industrial during the 4th quarter valued at about $224,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Gates Industrial in the 4th quarter valued at about $209,000. 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.