Goldman Sachs Downgrades Gates Industrial

Fintel reports that on June 20, 2023, Goldman Sachs downgraded their outlook for Gates Industrial (NYSE:GTES) from Buy to Neutral.

Analyst Price Forecast Suggests 25.59% Upside

As of June 2, 2023, the average one-year price target for Gates Industrial is 16.38. The forecasts range from a low of 14.14 to a high of $19.95. The average price target represents an increase of 25.59% from its latest reported closing price of 13.04.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Gates Industrial is 3,619MM, an increase of 1.70%. The projected annual non-GAAP EPS is 1.19.

What is the Fund Sentiment?

There are 434 funds or institutions reporting positions in Gates Industrial. This is an increase of 18 owner(s) or 4.33% in the last quarter. Average portfolio weight of all funds dedicated to GTES is 0.19%, an increase of 19.55%. Total shares owned by institutions increased in the last three months by 0.54% to 319,346K shares. The put/call ratio of GTES is 0.42, indicating a bullish outlook.

What are Other Shareholders Doing?

Blackstone Group holds 178,588K shares representing 67.88% ownership of the company. No change in the last quarter.

Allspring Global Investments Holdings holds 9,528K shares representing 3.62% ownership of the company. In it’s prior filing, the firm reported owning 9,576K shares, representing a decrease of 0.50%. The firm increased its portfolio allocation in GTES by 17.54% over the last quarter.

WFMDX – Wells Fargo Special Mid Cap Value Fund Administrator Class holds 8,127K shares representing 3.09% ownership of the company. No change in the last quarter.

Janus Henderson Group holds 7,030K shares representing 2.67% ownership of the company. In it’s prior filing, the firm reported owning 7,340K shares, representing a decrease of 4.41%. The firm decreased its portfolio allocation in GTES by 64.36% over the last quarter.

Cooke & Bieler holds 6,621K shares representing 2.52% ownership of the company. In it’s prior filing, the firm reported owning 6,806K shares, representing a decrease of 2.79%. The firm decreased its portfolio allocation in GTES by 22.33% over the last quarter.

Gates Industrial Background Information
(This description is provided by the company.)

Gates Corporation plc is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment (‘first-fit’) manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets. Its products play essential roles in a diverse range of applications across a wide variety of end markets ranging from 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. Its products are sold in 128 countries across its four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.

Key filings for this company:

• UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ? ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ? TRANSITION REPORT PURSUANT TO SECTI

This article originally appeared on Fintel