Gates Industrial (NYSE:GTES) Reaches New 52-Week Low – Should You Sell?

Gates Industrial Corp PLC (NYSE:GTES)’s stock price reached a new 52-week low on Friday . The company traded as low as $15.11 and last traded at $15.82, with a volume of 645285 shares. The stock had previously closed at $16.88.

Analyst Ratings Changes

Several research analysts recently issued reports on GTES shares. Barclays reduced their target price on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday, March 26th. Royal Bank of Canada lifted their price objective on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Citigroup lowered their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, KeyCorp upped their price objective on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Gates Industrial Stock Down 7.0 %

The company has a market cap of $4.01 billion, a PE ratio of 21.41 and a beta of 1.24. The business has a 50-day simple moving average of $20.58 and a 200-day simple moving average of $20.17. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last announced its 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 return on equity of 9.75% and a net margin of 5.72%. Equities research analysts anticipate that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Transactions at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now owns 188,452 shares of the company’s stock, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its stake in shares of Gates Industrial by 295.1% in the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company’s stock worth $181,000 after buying an additional 7,359 shares in the last quarter. Kera Capital Partners Inc. lifted its stake in Gates Industrial by 37.8% in the 1st quarter. Kera Capital Partners Inc. now owns 13,757 shares of the company’s stock worth $253,000 after purchasing an additional 3,771 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Gates Industrial by 14.1% during the 4th quarter. California State Teachers Retirement System now owns 225,512 shares of the company’s stock worth $4,639,000 after purchasing an additional 27,898 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Gates Industrial by 3.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,815 shares of the company’s stock valued at $819,000 after purchasing an additional 1,363 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Gates Industrial in the fourth quarter valued at approximately $10,033,000. Institutional investors and hedge funds 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.