UBS Group Issues Pessimistic Forecast for Gates Industrial (NYSE:GTES) Stock Price

Gates Industrial (NYSE:GTES) had its price target reduced by analysts at UBS Group from $30.00 to $29.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price objective would indicate a potential upside of 31.09% from the company’s previous close.

A number of other research analysts also recently commented on the company. Barclays reaffirmed an “overweight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a report on Wednesday, October 8th. Industrial Alliance Securities set a $35.00 price target on shares of Gates Industrial in a report on Monday, August 25th. Citigroup decreased their price objective on shares of Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Finally, Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 4th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.55.

Gates Industrial Stock Up 2.8%

Shares of GTES opened at $22.12 on Thursday. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $26.46. The firm’s 50 day moving average is $24.88 and its 200-day moving average is $23.47. The stock has a market capitalization of $5.71 billion, a PE ratio of 24.31 and a beta of 1.25.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $855.70 million for the quarter, compared to the consensus estimate of $860.95 million. Gates Industrial had a return on equity of 10.38% and a net margin of 6.93%.The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. Equities research analysts forecast that Gates Industrial will post 1.36 EPS for the current year.

Hedge Funds Weigh In On Gates Industrial

A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in Gates Industrial in the 2nd quarter worth approximately $80,713,000. Jennison Associates LLC raised its position in shares of Gates Industrial by 30.5% during the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock valued at $127,386,000 after buying an additional 1,618,598 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Gates Industrial by 4,976.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock worth $29,573,000 after acquiring an additional 1,574,701 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Gates Industrial in the second quarter worth $32,255,000. Finally, Vanguard Group Inc. increased its stake in Gates Industrial by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock valued at $664,019,000 after acquiring an additional 1,281,339 shares during the last quarter. 98.50% of the stock is owned by 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.