Gates Industrial (NYSE:GTES) Rating Lowered to “Buy” at Wall Street Zen

Gates Industrial (NYSE:GTES) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Friday.

A number of other analysts have also commented on the stock. KeyCorp reiterated an “overweight” rating and issued a $30.00 price target (up from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Zacks Research cut shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Industrial Alliance Securities set a $35.00 target price on shares of Gates Industrial in a research report on Monday, August 25th. JPMorgan Chase & Co. decreased their target price on shares of Gates Industrial from $35.00 to $33.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Finally, UBS Group dropped their price target on Gates Industrial from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Eight investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.17.

Gates Industrial Trading Up 1.4%

Shares of NYSE GTES opened at $22.76 on Friday. Gates Industrial has a 1 year low of $14.70 and a 1 year high of $26.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.52 and a quick ratio of 2.50. The firm has a 50-day moving average of $23.85 and a 200 day moving average of $23.78. The stock has a market cap of $5.88 billion, a P/E ratio of 25.01 and a beta of 1.25.

Insider Activity at Gates Industrial

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the sale, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC boosted its position in Gates Industrial by 133.2% during the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after purchasing an additional 666 shares in the last quarter. SVB Wealth LLC purchased a new stake in shares of Gates Industrial during the first quarter valued at about $34,000. Allworth Financial LP boosted its holdings in shares of Gates Industrial by 43.0% in the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares in the last quarter. SJS Investment Consulting Inc. raised its stake in shares of Gates Industrial by 5,123.7% during the 3rd quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock worth $49,000 after acquiring an additional 1,947 shares in the last quarter. Finally, Quent Capital LLC bought a new position in shares of Gates Industrial during the 3rd quarter worth approximately $51,000. 98.50% of the stock is currently owned by institutional investors.

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.