Gates Industrial (NYSE:GTES) Hits New 1-Year Low – Here’s What Happened

Gates Industrial Corp PLC (NYSE:GTES)’s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $15.11 and last traded at $15.82, with a volume of 645285 shares traded. The stock had previously closed at $16.88.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GTES shares. The Goldman Sachs Group dropped their price objective on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. KeyCorp raised their price target on shares of Gates Industrial from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Barclays reduced their price objective on shares of Gates Industrial from $26.00 to $25.00 and set an “overweight” rating for the company in a research report on Wednesday, March 26th. Royal Bank of Canada lifted their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, Citigroup reduced their target price on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Gates Industrial Stock Down 6.5 %

The firm has a market capitalization of $4.03 billion, a PE ratio of 21.61 and a beta of 1.24. The stock has a 50-day simple moving average of $20.48 and a 200-day simple moving average of $20.18. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current year.

Insider Buying and Selling

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the transaction, the director now directly owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Gates Industrial

Hedge funds have recently made changes to their positions in the stock. GeoWealth Management LLC boosted its stake in Gates Industrial by 187.4% in the 4th quarter. GeoWealth Management LLC now owns 1,210 shares of the company’s stock worth $25,000 after purchasing an additional 789 shares during the period. Assetmark Inc. grew its stake in Gates Industrial by 2,968.6% during the fourth quarter. Assetmark Inc. now owns 1,565 shares of the company’s stock valued at $32,000 after acquiring an additional 1,514 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Gates Industrial during the 4th quarter worth approximately $43,000. Versant Capital Management Inc lifted its stake in Gates Industrial by 178.3% in the 4th quarter. Versant Capital Management Inc now owns 2,494 shares of the company’s stock worth $51,000 after purchasing an additional 1,598 shares in the last quarter. Finally, SRS Capital Advisors Inc. boosted its holdings in Gates Industrial by 38.1% in the 4th quarter. SRS Capital Advisors Inc. now owns 2,622 shares of the company’s stock valued at $54,000 after purchasing an additional 724 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Company Profile

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.