Gates Industrial (NYSE:GTES) Downgraded by Wall Street Zen to Buy

Wall Street Zen downgraded shares of Gates Industrial (NYSE:GTES) from a strong-buy rating to a buy rating in a report issued on Saturday morning.

Several other research firms have also recently commented on GTES. UBS Group decreased their target price on Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, January 5th. JPMorgan Chase & Co. reduced their price objective on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, December 16th. Citigroup lowered their price objective on shares of Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Royal Bank Of Canada cut their target price on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.09.

Gates Industrial Trading Up 1.4%

GTES opened at $22.80 on Friday. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $26.46. The company has a fifty day moving average of $22.00 and a 200-day moving average of $23.84. The stock has a market cap of $5.89 billion, a PE ratio of 25.05 and a beta of 1.24. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61.

Insider Activity

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the sale, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at approximately $4,044,566.79. This trade represents a 11.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Gates Industrial

Large investors have recently made changes to their positions in the business. True Wealth Design LLC grew its position in Gates Industrial by 133.2% during the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after buying an additional 666 shares during the period. Allworth Financial LP boosted its stake in Gates Industrial by 43.0% in the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after acquiring an additional 630 shares during the last quarter. SJS Investment Consulting Inc. grew its position in shares of Gates Industrial by 5,123.7% during the 3rd quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after acquiring an additional 1,947 shares during the period. Quent Capital LLC purchased a new stake in shares of Gates Industrial during the 3rd quarter worth approximately $51,000. Finally, Avanza Fonder AB raised its holdings in shares of Gates Industrial by 85.3% in the 3rd quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock worth $61,000 after purchasing an additional 1,124 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.