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

Gates Industrial (NYSE:GTES) had its price target decreased by investment analysts at KeyCorp from $27.00 to $21.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 17.06% from the company’s current price.

GTES has been the topic of several other reports. Royal Bank of Canada increased their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Citigroup cut their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Barclays cut their target price on Gates Industrial from $26.00 to $25.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 26th. The Goldman Sachs Group cut their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, Evercore ISI increased their price target on Gates Industrial from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Wednesday, February 19th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.33.

Gates Industrial Stock Performance

Gates Industrial stock opened at $17.94 on Tuesday. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $4.58 billion, a P/E ratio of 24.58 and a beta of 1.24. The stock’s 50 day moving average is $20.10 and its 200 day moving average is $20.12. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $23.85.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, equities research analysts predict that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Gates Industrial

Institutional investors have recently bought and sold shares of the business. GeoWealth Management LLC increased its stake in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after buying an additional 789 shares in the last quarter. Assetmark Inc. increased its stake in Gates Industrial by 2,968.6% in the 4th quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock worth $32,000 after buying an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Gates Industrial in the 4th quarter worth $43,000. Versant Capital Management Inc increased its stake in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after buying an additional 1,598 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its stake in Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock worth $54,000 after buying an additional 724 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Company Profile

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.