The Goldman Sachs Group Has Lowered Expectations for Gates Industrial (NYSE:GTES) Stock Price

Gates Industrial (NYSE:GTES) had its price objective decreased by stock analysts at The Goldman Sachs Group from $26.00 to $23.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would indicate a potential upside of 16.97% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Royal Bank of Canada upped their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Citigroup dropped their price target on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. KeyCorp boosted their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Jefferies Financial Group boosted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Evercore ISI boosted their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.11.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $19.66 on Wednesday. The company has a 50-day simple moving average of $20.85 and a 200-day simple moving average of $20.02. Gates Industrial has a one year low of $15.14 and a one year high of $23.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock has a market capitalization of $5.02 billion, a price-to-earnings ratio of 26.94 and a beta of 1.33.

Gates Industrial (NYSE:GTES) last announced its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a net margin of 5.72% and a return on equity of 9.75%. On average, analysts predict that Gates Industrial will post 1.36 EPS for the current year.

Insiders Place Their Bets

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction on Friday, March 7th. The shares were bought 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 represents a 46.71 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mutual of America Capital Management LLC acquired a new stake in shares of Gates Industrial in the third quarter valued at approximately $597,000. Foundry Partners LLC acquired a new stake in shares of Gates Industrial in the third quarter valued at approximately $4,247,000. Jennison Associates LLC grew its position in shares of Gates Industrial by 45.9% in the third quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock valued at $70,763,000 after purchasing an additional 1,268,407 shares during the last quarter. Verition Fund Management LLC grew its position in shares of Gates Industrial by 322.7% in the third quarter. Verition Fund Management LLC now owns 379,509 shares of the company’s stock valued at $6,660,000 after purchasing an additional 289,722 shares during the last quarter. Finally, Stifel Financial Corp grew its position in shares of Gates Industrial by 40.3% in the third quarter. Stifel Financial Corp now owns 139,338 shares of the company’s stock valued at $2,445,000 after purchasing an additional 40,027 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

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.