Gates Industrial (NYSE:GTES) Upgraded by Wall Street Zen to Strong-Buy Rating

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

Other equities research analysts have also issued reports about the stock. Zacks Research lowered shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings reaffirmed 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 report on Monday, August 25th. UBS Group cut their price target on Gates Industrial from $30.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.18.

Gates Industrial Stock Up 0.9%

GTES opened at $21.63 on Friday. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of 23.77 and a beta of 1.22. The firm has a 50 day moving average price of $22.88 and a 200-day moving average price of $23.81. Gates Industrial has a twelve month low of $14.70 and a twelve month high of $26.46. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61.

Insider Activity at Gates Industrial

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

Hedge Funds Weigh In On Gates Industrial

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Gates Industrial by 5.0% in the third quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock worth $664,019,000 after purchasing an additional 1,281,339 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Gates Industrial by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 10,850,516 shares of the company’s stock worth $269,308,000 after buying an additional 28,760 shares during the period. Invesco Ltd. increased its stake in Gates Industrial by 3.0% in the 3rd quarter. Invesco Ltd. now owns 7,861,494 shares of the company’s stock worth $195,122,000 after buying an additional 226,075 shares in the last quarter. State Street Corp raised its holdings in Gates Industrial by 2.4% during the second quarter. State Street Corp now owns 7,346,884 shares of the company’s stock valued at $169,199,000 after acquiring an additional 170,597 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Gates Industrial by 22.3% during the third quarter. Franklin Resources Inc. now owns 6,923,169 shares of the company’s stock valued at $171,833,000 after acquiring an additional 1,261,849 shares during the period. 98.50% of the stock is currently owned by 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.