11,601 Shares in Gates Industrial Corporation PLC $GTES Acquired by Sequoia Financial Advisors LLC

Key Points

• Sequoia Financial Advisors LLC acquired a new position in Gates Industrial Corporation PLC, purchasing 11,601 shares valued at approximately $267,000 during Q2.
• Institutional investors and hedge funds collectively own a significant 98.50% of Gates Industrial's stock, indicating strong institutional interest.
• Analysts have varied outlooks on the stock, with a consensus rating of "Moderate Buy" and an average target price of $28.18 despite recent downgrades from some firms.

Sequoia Financial Advisors LLC bought a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 11,601 shares of the company's stock, valued at approximately $267,000.

Other hedge funds have also recently bought and sold shares of the company. Fiduciary Management Inc. WI raised its stake 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 worth $133,774,000 after purchasing an additional 41,541 shares during the period. Jennison Associates LLC raised its stake in Gates Industrial by 30.5% during the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock worth $127,386,000 after purchasing an additional 1,618,598 shares during the period. American Century Companies Inc. raised its stake in Gates Industrial by 13.6% during the first quarter. American Century Companies Inc. now owns 6,200,432 shares of the company's stock worth $114,150,000 after purchasing an additional 743,468 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Gates Industrial by 9.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company's stock worth $72,825,000 after purchasing an additional 346,250 shares during the period. Finally, Driehaus Capital Management LLC raised its stake in Gates Industrial by 4,976.3% during the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock worth $29,573,000 after purchasing an additional 1,574,701 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GTES shares. Royal Bank Of Canada increased their price target on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Gates Industrial in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 4th. KeyCorp reaffirmed an "overweight" rating and set a $30.00 price target (up previously from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Finally, Zacks Research downgraded shares of Gates Industrial from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 13th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and an average target price of $28.18.

Gates Industrial Stock Performance

Gates Industrial stock opened at $25.43 on Thursday. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $26.42. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 32.60 and a beta of 1.25. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The firm's fifty day moving average price is $25.30 and its 200 day moving average price is $22.89.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The firm had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. During the same quarter in the previous year, the firm posted $0.36 EPS. The firm's quarterly revenue was down .2% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, research analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

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.

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