JPMorgan Chase & Co. Issues Pessimistic Forecast for Gates Industrial (NYSE:GTES) Stock Price

by · The Cerbat Gem

Gates Industrial (NYSE:GTES – Get Free Report) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $33.00 to $32.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 47.50% from the company’s previous close.

A number of other analysts have also commented on the stock. Industrial Alliance Securities set a $35.00 price objective on shares of Gates Industrial in a research report on Monday, August 25th. Weiss Ratings lowered shares of Gates Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, December 8th. Wall Street Zen downgraded shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 28th. Royal Bank Of Canada lowered their target price on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Finally, Zacks Research lowered Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.18.

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Gates Industrial Stock Down 0.5%

Shares of Gates Industrial stock traded down $0.11 during trading on Tuesday, reaching $21.70. The stock had a trading volume of 241,460 shares, compared to its average volume of 2,324,633. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 23.87 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 stock has a fifty day moving average price of $23.17 and a two-hundred day moving average price of $23.84.

Insiders Place Their Bets

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 177,627 shares in the company, valued at $4,044,566.79. This trade represents a 11.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gates Industrial

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Gates Industrial by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock worth $664,019,000 after acquiring an additional 1,281,339 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Gates Industrial by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 10,850,516 shares of the company’s stock valued at $269,308,000 after buying an additional 28,760 shares in the last quarter. Invesco Ltd. raised its position in Gates Industrial by 3.0% in the 3rd quarter. Invesco Ltd. now owns 7,861,494 shares of the company’s stock valued at $195,122,000 after buying an additional 226,075 shares during the last quarter. State Street Corp boosted its stake in shares of Gates Industrial by 2.4% in the 2nd quarter. State Street Corp now owns 7,346,884 shares of the company’s stock worth $169,199,000 after buying an additional 170,597 shares during the last quarter. Finally, Fiduciary Management Inc. WI grew its position in Gates Industrial by 0.6% during the first quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company’s stock valued at $133,774,000 after buying an additional 41,541 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

About Gates Industrial

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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.

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