Gates Industrial (NYSE:GTES) Downgraded to Buy Rating by Wall Street Zen

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

Other analysts have also recently issued reports about the company. Royal Bank Of Canada decreased their price objective on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, October 30th. UBS Group dropped their price target on shares of Gates Industrial from $29.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday. Weiss Ratings restated a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, December 29th. Zacks Research lowered Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Finally, Citigroup cut their target price on Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $27.09.

Gates Industrial Stock Performance

Shares of GTES opened at $22.80 on Friday. The company’s 50 day simple moving average is $22.00 and its 200-day simple moving average is $23.83. The firm has a market cap of $5.89 billion, a PE ratio of 25.05 and a beta of 1.24. Gates Industrial has a 12-month low of $14.70 and a 12-month high of $26.46. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61.

Insider Buying and Selling at Gates Industrial

In other news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the sale, the chief financial officer directly owned 177,627 shares in the company, valued at $4,044,566.79. This 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 currently owned by company insiders.

Hedge Funds Weigh In On Gates Industrial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. True Wealth Design LLC raised its holdings in shares of Gates Industrial by 133.2% in 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. SJS Investment Consulting Inc. increased its position in 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 purchasing an additional 1,947 shares in the last quarter. Quent Capital LLC purchased a new position in Gates Industrial in the third quarter valued at approximately $51,000. Allworth Financial LP raised its holdings in Gates Industrial by 43.0% in the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares during the period. Finally, Avanza Fonder AB lifted its position in Gates Industrial by 85.3% during the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock valued at $61,000 after buying an additional 1,124 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

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.