Gates Industrial (NYSE:GTES) Price Target Lowered to $29.00 at UBS Group

Gates Industrial (NYSE:GTES) had its target price cut by UBS Group from $30.00 to $29.00 in a research note published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Gates Industrial from $35.00 to $33.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Zacks Research downgraded shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Royal Bank Of Canada cut their price target on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Barclays restated an “overweight” rating and issued a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. 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 analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.55.

Gates Industrial Trading Up 2.8%

Shares of GTES stock traded up $0.59 during trading hours on Thursday, reaching $22.12. The company’s stock had a trading volume of 2,670,657 shares, compared to its average volume of 2,315,325. 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 one year low of $14.70 and a one year high of $26.46. The stock has a market capitalization of $5.71 billion, a P/E ratio of 24.31 and a beta of 1.25. The firm’s fifty day simple moving average is $24.95 and its 200 day simple moving average is $23.43.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $855.70 million during the quarter, compared to analyst estimates of $860.95 million. Gates Industrial had a net margin of 6.93% and a return on equity of 10.38%. Gates Industrial’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period last 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 expect that Gates Industrial will post 1.36 EPS for the current year.

Institutional Investors Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently modified their holdings of GTES. True Wealth Design LLC grew its holdings 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 buying an additional 666 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Gates Industrial during the 1st quarter valued at approximately $34,000. SJS Investment Consulting Inc. grew its holdings in shares of Gates Industrial by 5,123.7% in 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 bought a new stake in Gates Industrial in the third quarter worth $51,000. Finally, Allworth Financial LP increased its position 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 last quarter. Institutional investors own 98.50% of the company’s stock.

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.