Gates Industrial (GTES) PT Lowered to $19.00

Gates Industrial (NYSE:GTES) had its price objective cut by stock analysts at Morgan Stanley from $21.00 to $19.00 in a note issued to investors on Tuesday. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 22.58% from the company’s current price.

GTES has been the subject of a number of other reports. Zacks Investment Research upgraded Gates Industrial from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective for the company in a report on Friday, August 3rd. Citigroup decreased their price objective on Gates Industrial from $23.00 to $22.00 and set a “buy” rating for the company in a report on Friday, November 2nd. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $21.00 price objective on shares of Gates Industrial in a report on Thursday, August 2nd. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Gates Industrial has an average rating of “Buy” and a consensus price target of $20.44.

Gates Industrial stock opened at $15.50 on Tuesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.62 and a quick ratio of 1.75. The firm has a market capitalization of $4.06 billion and a price-to-earnings ratio of 18.90. Gates Industrial has a 12 month low of $14.05 and a 12 month high of $20.29.

In related news, insider Ivo Jurek purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, November 6th. The stock was purchased at an average cost of $14.50 per share, for a total transaction of $72,500.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

A number of large investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN acquired a new position in Gates Industrial in the 1st quarter valued at $1,503,000. Northern Trust Corp acquired a new position in Gates Industrial in the 1st quarter valued at $2,813,000. BlackRock Inc. acquired a new position in Gates Industrial in the 1st quarter valued at $43,518,000. UBS Group AG acquired a new position in Gates Industrial in the 1st quarter valued at $788,000. Finally, California State Teachers Retirement System acquired a new position in Gates Industrial in the 1st quarter valued at $1,209,000.

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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Analyst Recommendations for Gates Industrial (NYSE:GTES)

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