Allspring Global Investments Holdings LLC Sells 1,572,998 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• Allspring Global Investments reduced its stake in Gates Industrial by 11.1% in the first quarter, selling 1,572,998 shares. After the sale, it still held 12.6 million shares valued at about $290.6 million, or 4.95% of the company.
• Gates Industrial reported better-than-expected quarterly earnings, posting EPS of $0.35 versus the $0.32 consensus. Revenue came in at $851.1 million, slightly below estimates, while the company also provided FY 2026 EPS guidance of 1.520 to 1.680.
• Wall Street remains cautiously positive on GTES, with analysts assigning a Moderate Buy consensus and an average price target of $31.36. The stock recently traded at $26.97, near its 50-day and 200-day moving averages.

Allspring Global Investments Holdings LLC cut its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,596,459 shares of the company's stock after selling 1,572,998 shares during the quarter. Allspring Global Investments Holdings LLC owned 4.95% of Gates Industrial worth $290,600,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Paradice Investment Management LLC lifted its position in shares of Gates Industrial by 8.1% during the 4th quarter. Paradice Investment Management LLC now owns 1,292,301 shares of the company's stock worth $27,746,000 after buying an additional 97,382 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Gates Industrial by 46.7% in the fourth quarter. SG Americas Securities LLC now owns 70,186 shares of the company's stock valued at $1,507,000 after acquiring an additional 22,338 shares in the last quarter. Van Berkom & Associates Inc. purchased a new stake in shares of Gates Industrial during the fourth quarter valued at approximately $68,614,000. Impax Asset Management Group plc increased its position in shares of Gates Industrial by 48.8% during the fourth quarter. Impax Asset Management Group plc now owns 472,713 shares of the company's stock valued at $10,149,000 after acquiring an additional 155,000 shares during the last quarter. Finally, Kennedy Capital Management LLC increased its position in shares of Gates Industrial by 6.7% during the fourth quarter. Kennedy Capital Management LLC now owns 1,528,525 shares of the company's stock valued at $32,817,000 after acquiring an additional 96,392 shares during the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

NYSE GTES opened at $26.97 on Friday. The firm has a market cap of $6.85 billion, a P/E ratio of 28.10 and a beta of 1.25. The company has a quick ratio of 2.66, a current ratio of 3.67 and a debt-to-equity ratio of 0.61. The company's 50 day moving average is $26.32 and its 200-day moving average is $25.06. Gates Industrial Corporation PLC has a 12-month low of $20.88 and a 12-month high of $29.17.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.32 by $0.03. The company had revenue of $851.10 million during the quarter, compared to the consensus estimate of $859.72 million. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. Gates Industrial's revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Sell-side analysts predict that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on GTES. Weiss Ratings reissued a "hold (c+)" rating on shares of Gates Industrial in a research report on Monday, June 29th. Robert W. Baird decreased their target price on Gates Industrial from $39.00 to $37.00 and set an "outperform" rating for the company in a research report on Monday, May 4th. Wolfe Research reiterated an "outperform" rating and set a $33.00 target price on shares of Gates Industrial in a research note on Thursday, July 9th. Wall Street Zen downgraded shares of Gates Industrial from a "strong-buy" rating to a "buy" rating in a report on Sunday, May 10th. Finally, Morgan Stanley increased their price target on shares of Gates Industrial from $27.00 to $28.00 and gave the company an "equal weight" rating in a research report on Friday, May 29th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $31.36.

About Gates Industrial

Gates Industrial Corporation PLC NYSE: GTES is a leading global manufacturer of engineered power transmission belts and fluid power products. The company's portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.

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