Allspring Global Investments Holdings LLC Reduces Stock Position in Gates Industrial Corporation PLC $GTES

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Gates Industrial Corporation PLC by 2.5% during Q2, owning 14,132,842 shares worth approximately $330 million after selling 366,292 shares.
• Analyst ratings have improved for Gates Industrial, with several firms upgrading their ratings and price targets, including UBS Group raising its target to $30 and Zacks Research moving from "hold" to "strong-buy."
• Gates Industrial's stock, currently valued at $24.46, has seen a 3.3% decline recently, despite a positive earnings report that beat expectations for both EPS and revenue.

Allspring Global Investments Holdings LLC lowered its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,132,842 shares of the company's stock after selling 366,292 shares during the period. Allspring Global Investments Holdings LLC owned 5.48% of Gates Industrial worth $330,426,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GTES. Jennison Associates LLC lifted its position in shares of 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 acquiring an additional 1,618,598 shares in the last quarter. Driehaus Capital Management LLC raised its position in shares of Gates Industrial by 4,976.3% in the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock worth $29,573,000 after buying an additional 1,574,701 shares in the last quarter. Shellback Capital LP purchased a new stake in shares of Gates Industrial in the first quarter worth $16,906,000. MetLife Investment Management LLC raised its position in shares of Gates Industrial by 20,006.5% in the first quarter. MetLife Investment Management LLC now owns 835,829 shares of the company's stock worth $15,388,000 after buying an additional 831,672 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Gates Industrial by 13.6% in the first quarter. American Century Companies Inc. now owns 6,200,432 shares of the company's stock worth $114,150,000 after buying an additional 743,468 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Zacks Research upgraded Gates Industrial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. UBS Group increased their price objective on Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 4th. Citigroup increased their price objective on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Gates Industrial in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Gates Industrial has a consensus rating of "Moderate Buy" and a consensus target price of $28.18.

Gates Industrial Stock Down 3.3%

GTES opened at $24.46 on Monday. The stock has a market cap of $6.30 billion, a PE ratio of 31.36 and a beta of 1.25. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.42. The business's fifty day simple moving average is $25.09 and its 200 day simple moving average is $22.53.

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

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.

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