Citigroup Lowers Gates Industrial (GTES) Price Target to $22.00

Gates Industrial (NYSE:GTES) had its target price cut by analysts at Citigroup from $23.00 to $22.00 in a research note issued to investors on Friday, MarketBeat.com reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 46.76% from the stock’s previous close.

Several other research firms have also weighed in on GTES. Zacks Investment Research lowered Gates Industrial from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Morgan Stanley reduced their price objective on Gates Industrial from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 2nd. Finally, Royal Bank of Canada reissued a “buy” rating and set a $21.00 price objective on shares of Gates Industrial in a research note on Thursday, August 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $21.11.

GTES opened at $14.99 on Friday. The firm has a market cap of $4.27 billion and a PE ratio of 18.28. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.47 and a quick ratio of 1.75. Gates Industrial has a fifty-two week low of $14.06 and a fifty-two week high of $20.29.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, August 1st. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.07. The company had revenue of $875.10 million for the quarter, compared to the consensus estimate of $860.95 million. Equities research analysts forecast that Gates Industrial will post 1.18 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in shares of Gates Industrial by 9.5% in the third quarter. Wells Fargo & Company MN now owns 117,771 shares of the company’s stock worth $2,296,000 after buying an additional 10,184 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Gates Industrial in the third quarter worth $430,000. First Trust Advisors LP acquired a new stake in shares of Gates Industrial in the third quarter worth $5,260,000. Wright Investors Service Inc. acquired a new stake in shares of Gates Industrial in the third quarter worth $207,000. Finally, Confluence Investment Management LLC boosted its position in shares of Gates Industrial by 102.0% in the third quarter. Confluence Investment Management LLC now owns 443,359 shares of the company’s stock worth $8,646,000 after buying an additional 223,877 shares during the period.

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.

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