Gates Industrial Corporation PLC $GTES Stake Lessened by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. reduced its stake in Gates Industrial Corporation PLC by 6.1%, now owning approximately $47.42 million worth of shares.
• The company reported a quarterly earnings per share (EPS) of $0.39, surpassing the consensus estimate of $0.38, with revenue of $883.70 million.
• Several analysts have raised their price targets for Gates Industrial, with UBS Group setting a target of $30.00 and JPMorgan Chase giving a target of $35.00, reflecting positive market sentiment.

Ameriprise Financial Inc. lowered its position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 6.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,575,858 shares of the company's stock after selling 166,603 shares during the quarter. Ameriprise Financial Inc. owned 1.00% of Gates Industrial worth $47,422,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. MetLife Investment Management LLC lifted its position in shares of Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after purchasing an additional 567 shares during the last quarter. Stifel Financial Corp increased its holdings in Gates Industrial by 7.0% in the fourth quarter. Stifel Financial Corp now owns 149,113 shares of the company's stock valued at $3,067,000 after buying an additional 9,775 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in Gates Industrial during the fourth quarter valued at approximately $983,000. Price T Rowe Associates Inc. MD lifted its holdings in Gates Industrial by 21.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 126,892 shares of the company's stock worth $2,611,000 after buying an additional 22,445 shares during the last quarter. Finally, Coldstream Capital Management Inc. acquired a new position in shares of Gates Industrial in the 4th quarter worth approximately $202,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Performance

GTES traded down $0.61 on Friday, hitting $25.53. 1,500,043 shares of the company's stock were exchanged, compared to its average volume of 1,804,872. The firm has a market cap of $6.58 billion, a PE ratio of 18.93 and a beta of 1.25. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $26.33. The stock has a fifty day moving average of $24.38 and a two-hundred day moving average of $21.54. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.39 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 during the quarter, compared to analysts' expectations of $873.34 million. During the same quarter in the prior year, the firm earned $0.36 EPS. Gates Industrial'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 anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GTES has been the topic of several research analyst reports. JPMorgan Chase & Co. initiated coverage on Gates Industrial in a research note on Monday, August 25th. They set an "overweight" rating and a $35.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Royal Bank Of Canada lifted their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Zacks Research upgraded shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. Finally, UBS Group increased their price objective on shares of Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Gates Industrial has a consensus rating of "Moderate Buy" and an average price target of $28.18.

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.