Citigroup Cuts Gates Industrial (NYSE:GTES) Price Target to $24.00

Gates Industrial (NYSE:GTES) had its price target lowered by Citigroup from $27.00 to $24.00 in a research note released on Monday,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other research analysts have also issued reports on GTES. Jefferies Financial Group upped their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group upped their target price on Gates Industrial from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, December 12th. Royal Bank of Canada lifted their price target on Gates Industrial from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. KeyCorp increased their price objective on Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, November 21st. Finally, Barclays raised Gates Industrial from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $21.00 to $25.00 in a report on Thursday, December 5th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Gates Industrial Price Performance

Shares of GTES stock opened at $19.95 on Monday. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 24.04 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The stock’s 50-day simple moving average is $21.23 and its 200-day simple moving average is $18.75. Gates Industrial has a fifty-two week low of $12.40 and a fifty-two week high of $23.34.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. State Street Corp increased its holdings in shares of Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock valued at $114,485,000 after purchasing an additional 3,459,450 shares in the last quarter. Zimmer Partners LP grew its position in Gates Industrial by 141.2% during the third quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock valued at $73,946,000 after buying an additional 2,466,543 shares during the period. Franklin Resources Inc. increased its holdings in Gates Industrial by 138.0% in the third quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company’s stock valued at $68,159,000 after buying an additional 2,220,277 shares in the last quarter. Fred Alger Management LLC raised its position in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after acquiring an additional 1,627,482 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of Gates Industrial by 45.9% during the 3rd quarter. Jennison Associates LLC now owns 4,032,089 shares of the company’s stock worth $70,763,000 after acquiring an additional 1,268,407 shares in the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

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.