Gates Industrial (NYSE:GTES) Rating Increased to Strong-Buy at Wall Street Zen

Gates Industrial (NYSE:GTES) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report released on Saturday.

Several other brokerages have also commented on GTES. Weiss Ratings restated a “hold (c+)” rating on shares of Gates Industrial in a report on Monday. Industrial Alliance Securities set a $35.00 target price on Gates Industrial in a research note on Monday, August 25th. Zacks Research cut Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. UBS Group decreased their price objective on Gates Industrial from $30.00 to $29.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Finally, Citigroup dropped their target price on shares of Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average price target of $27.18.

Gates Industrial Stock Up 0.9%

Shares of Gates Industrial stock opened at $21.63 on Friday. 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 12-month low of $14.70 and a 12-month high of $26.46. The company has a market cap of $5.59 billion, a P/E ratio of 23.77 and a beta of 1.22. The company’s fifty day simple moving average is $22.88 and its two-hundred day simple moving average is $23.81.

Insider Buying and Selling at Gates Industrial

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

Institutional Trading of Gates Industrial

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

Gates Industrial Company Profile

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.