JPMorgan Chase & Co. Lowers Gates Industrial (NYSE:GTES) Price Target to $32.00

Gates Industrial (NYSE:GTES) had its price target dropped by analysts at JPMorgan Chase & Co. from $33.00 to $32.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 49.92% from the company’s current price.

A number of other brokerages also recently weighed in on GTES. Royal Bank Of Canada decreased their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday, October 30th. Wells Fargo & Company assumed coverage on Gates Industrial in a research note on Thursday, November 13th. They set an “equal weight” rating and a $23.00 target price for the company. Weiss Ratings lowered Gates Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 8th. Wall Street Zen cut Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Friday, November 28th. Finally, Citigroup lowered their price objective on shares of 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.18.

Gates Industrial Stock Down 1.1%

Gates Industrial stock opened at $21.35 on Tuesday. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 23.46 and a beta of 1.22. Gates Industrial has a 52-week low of $14.70 and a 52-week high of $26.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52. The firm has a 50 day moving average price of $23.01 and a two-hundred day moving average price of $23.82.

Insider Buying and Selling

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction 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 transaction, the chief financial officer owned 177,627 shares in the company, valued at approximately $4,044,566.79. This represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. True Wealth Design LLC increased its stake in Gates Industrial by 133.2% in the 3rd quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after buying an additional 666 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of Gates Industrial during the first quarter valued at approximately $34,000. SJS Investment Consulting Inc. increased its position in shares of Gates Industrial by 5,123.7% during the third 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 during the last quarter. Quent Capital LLC bought a new stake in Gates Industrial during the third quarter worth $51,000. Finally, Allworth Financial LP boosted its position in 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 purchasing an additional 630 shares during the last quarter. 98.50% of the stock is owned by 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.