Gates Industrial (NYSE:GTES) Stock Rating Lowered by Wall Street Zen

Gates Industrial (NYSE:GTES) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

Several other research firms have also recently weighed in on GTES. UBS Group dropped their price objective on Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a report on Monday, January 5th. Wells Fargo & Company started coverage on Gates Industrial in a report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 target price for the company. JPMorgan Chase & Co. dropped their price target on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a research note on Tuesday, December 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, December 29th. Finally, Zacks Research lowered shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.09.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $22.80 on Friday. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $22.00 and a 200-day moving average price of $23.85. The company has a market cap of $5.89 billion, a price-to-earnings ratio of 25.05 and a beta of 1.24. Gates Industrial has a 12 month low of $14.70 and a 12 month high of $26.46.

Insider Transactions at Gates Industrial

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the transaction, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. This represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Gates Industrial

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

Gates Industrial Company Profile

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.