Gates Industrial (NYSE:GTES) Price Target Cut to $32.00 by Analysts at JPMorgan Chase & Co.

Gates Industrial (NYSE:GTES) had its price target reduced by JPMorgan Chase & Co. from $33.00 to $32.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently commented on GTES. Citigroup lowered their target price on Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 28th. Wells Fargo & Company initiated coverage on Gates Industrial in a research note on Thursday, November 13th. They set an “equal weight” rating and a $23.00 price objective on the stock. Zacks Research cut Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Finally, Industrial Alliance Securities set a $35.00 target price on shares of Gates Industrial in a report on Monday, August 25th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.18.

Gates Industrial Stock Down 0.8%

GTES stock opened at $21.62 on Tuesday. The company’s 50 day simple moving average is $23.09 and its 200-day simple moving average is $23.84. The firm has a market capitalization of $5.58 billion, a PE ratio of 23.75 and a beta of 1.22. Gates Industrial has a 12 month low of $14.70 and a 12 month 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.

Insiders Place Their Bets

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the sale, the chief financial officer directly owned 177,627 shares in the company, valued at $4,044,566.79. The trade was a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds have recently made changes to their positions in GTES. True Wealth Design LLC boosted its position in Gates Industrial by 133.2% during the 3rd quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock worth $29,000 after purchasing an additional 666 shares during the period. SVB Wealth LLC acquired a new position in shares of Gates Industrial during the first quarter worth about $34,000. Allworth Financial LP boosted its position in shares of 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 buying an additional 630 shares during the period. SJS Investment Consulting Inc. boosted its position 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 worth $49,000 after buying an additional 1,947 shares during the period. Finally, Quent Capital LLC acquired a new stake in shares of Gates Industrial in the third quarter valued at about $51,000. Hedge funds and other 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.