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

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

Wall Street Analyst Weigh In

GTES has been the topic of several research analyst reports. Evercore ISI upped their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group lowered their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Citigroup cut their target price on shares of Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Monday, January 13th. Barclays reduced their target price on Gates Industrial from $26.00 to $25.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 26th. Finally, KeyCorp lifted their price target on Gates Industrial from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Gates Industrial Stock Performance

The business has a 50 day moving average price of $20.48 and a two-hundred day moving average price of $20.18. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The company has a market cap of $4.03 billion, a P/E ratio of 21.61 and a beta of 1.24.

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, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. On average, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson acquired 60,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This represents a 46.71 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gates Industrial

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

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.