Citigroup Cuts Gates Industrial (NYSE:GTES) Price Target to $28.00

Gates Industrial (NYSE:GTES) had its price target reduced by Citigroup from $31.00 to $28.00 in a report released on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other brokerages also recently commented on GTES. KeyCorp reissued an “overweight” rating and issued a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Royal Bank Of Canada decreased their price objective on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday. JPMorgan Chase & Co. began coverage on shares of Gates Industrial in a research report on Monday, August 25th. They issued an “overweight” rating and a $35.00 price objective for the company. Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 4th. Finally, Barclays reaffirmed an “overweight” rating and set a $28.00 target price (up previously from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.64.

Gates Industrial Stock Performance

Shares of GTES opened at $21.99 on Thursday. The firm has a 50-day moving average of $25.28 and a 200-day moving average of $23.34. Gates Industrial has a one year low of $14.70 and a one year high of $26.46. The company has a market cap of $5.68 billion, a PE ratio of 24.17 and a beta of 1.25. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.46.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Gates Industrial had a net margin of 6.93% and a return on equity of 10.38%. The company had revenue of $855.70 million during the quarter, compared to the consensus estimate of $860.95 million. During the same quarter last year, the firm posted $0.33 EPS. The company’s quarterly revenue was up 3.0% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. As a group, equities analysts forecast that Gates Industrial will post 1.36 earnings per share for the current year.

Institutional Trading of Gates Industrial

A number of institutional investors have recently bought and sold shares of GTES. GAMMA Investing LLC boosted its holdings in Gates Industrial by 81.0% in the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company’s stock valued at $168,000 after purchasing an additional 4,073 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Gates Industrial by 4.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company’s stock valued at $767,000 after purchasing an additional 1,845 shares during the period. Principal Financial Group Inc. boosted its holdings in Gates Industrial by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,128,867 shares of the company’s stock valued at $20,782,000 after purchasing an additional 29,763 shares during the period. OneDigital Investment Advisors LLC boosted its holdings in Gates Industrial by 12.2% in the 1st quarter. OneDigital Investment Advisors LLC now owns 19,599 shares of the company’s stock valued at $361,000 after purchasing an additional 2,135 shares during the period. Finally, Crossmark Global Holdings Inc. boosted its holdings in Gates Industrial by 91.7% in the 1st quarter. Crossmark Global Holdings Inc. now owns 96,179 shares of the company’s stock valued at $1,771,000 after purchasing an additional 46,000 shares during the period. 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.