Gates Industrial (NYSE:GTES) Stock Gets Price Target Trim from DA Davidson

Gates Industrial (NYSE:GTES) had its price objective lowered by analysts at DA Davidson from $29.00 to $27.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson‘s target price points to a potential upside of 12.93% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Robert W. Baird raised their target price on shares of Gates Industrial from $39.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday. Wolfe Research reaffirmed an “outperform” rating and issued a $33.00 price target on shares of Gates Industrial in a report on Thursday, July 9th. JPMorgan Chase & Co. increased their price objective on Gates Industrial from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. KeyCorp raised their price objective on Gates Industrial from $31.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Finally, Wall Street Zen lowered Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $32.18.

Gates Industrial Price Performance

Shares of NYSE:GTES traded up $0.08 during trading hours on Monday, hitting $23.91. 616,849 shares of the company’s stock traded hands, compared to its average volume of 2,154,565. Gates Industrial has a 52 week low of $20.88 and a 52 week high of $30.34. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.40 and a current ratio of 3.41. The company’s fifty day simple moving average is $26.05 and its two-hundred day simple moving average is $25.75. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 16.61 and a beta of 1.28.

Gates Industrial (NYSE:GTES) last released its earnings results on Friday, October 30th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. Gates Industrial had a net margin of 10.37% and a return on equity of 10.42%. The business had revenue of $903.60 million for the quarter, compared to the consensus estimate of $904.77 million. During the same period in the previous year, the firm earned $0.39 EPS. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, equities analysts anticipate that Gates Industrial will post 1.58 EPS for the current fiscal year.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Peifang Zhang sold 6,000 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $29.56, for a total transaction of $177,360.00. Following the sale, the director owned 44,044 shares in the company, valued at approximately $1,301,940.64. The trade was a 11.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GTES. Dimensional Fund Advisors LP raised its holdings in shares of Gates Industrial by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 11,546,581 shares of the company’s stock valued at $261,040,000 after acquiring an additional 295,706 shares during the period. Janus Henderson Group PLC boosted its stake in Gates Industrial by 3.8% in the 1st quarter. Janus Henderson Group PLC now owns 5,230,159 shares of the company’s stock worth $118,252,000 after purchasing an additional 193,896 shares during the period. Bank of New York Mellon Corp boosted its stake in Gates Industrial by 1.7% in the 1st quarter. Bank of New York Mellon Corp now owns 2,346,443 shares of the company’s stock worth $53,053,000 after purchasing an additional 38,645 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Gates Industrial by 62.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,251,585 shares of the company’s stock worth $50,908,000 after purchasing an additional 868,734 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in Gates Industrial by 12.3% during the 1st quarter. Quantinno Capital Management LP now owns 2,101,565 shares of the company’s stock worth $47,516,000 after purchasing an additional 230,147 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

About Gates Industrial

Gates Industrial Corporation plc (NYSE: GTES) is a manufacturer of engineered power transmission and fluid power products. The company develops solutions designed to transfer power, control motion, and manage the flow of fluids in industrial and mobile applications.

Its product portfolio includes synchronous and V-belts, belt drives, hoses, hydraulic assemblies, couplings, tensioners, pulleys, and related components. Gates serves original equipment manufacturers, distributors, and aftermarket customers across industries such as automotive, agriculture, construction, energy, manufacturing, and general industrial equipment.

The company traces its roots to the Gates Rubber Company, founded in 1911 in Denver, Colorado.