Gates Industrial Corporation PLC $GTES Stock Holdings Trimmed by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC reduced its stake in Gates Industrial Corporation PLC by 5.8%, owning 3,022,192 shares worth approximately $54.37 million after selling 184,598 shares during the first quarter.
• Several institutional investors, including MetLife Investment Management LLC and Northern Trust Corp, increased their stakes in Gates Industrial, contributing to 98.5% of the stock being held by institutional investors.
• Wall Street analysts are optimistic, with a consensus **target price of $28.18** and most analysts providing ratings from "buy" to "strong-buy" for Gates Industrial stock.

AQR Capital Management LLC lowered its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 5.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,022,192 shares of the company's stock after selling 184,598 shares during the quarter. AQR Capital Management LLC owned approximately 1.17% of Gates Industrial worth $54,369,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. MetLife Investment Management LLC boosted its position in shares of Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after acquiring an additional 567 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Gates Industrial by 29.5% in the 4th quarter. Northern Trust Corp now owns 1,485,723 shares of the company's stock valued at $30,561,000 after purchasing an additional 338,619 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in shares of Gates Industrial by 15.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 34,309 shares of the company's stock valued at $706,000 after buying an additional 4,655 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Gates Industrial by 20.6% during the 4th quarter. Ameriprise Financial Inc. now owns 2,742,461 shares of the company's stock worth $56,412,000 after buying an additional 467,810 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Gates Industrial by 113.1% during the 4th quarter. BNP Paribas Financial Markets now owns 14,591 shares of the company's stock worth $300,000 after buying an additional 7,745 shares during the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GTES has been the subject of several research analyst reports. Barclays restated an "overweight" rating and set a $28.00 price target (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. UBS Group raised their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 31st. KeyCorp reaffirmed an "overweight" rating and set a $30.00 price target (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Royal Bank Of Canada raised their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Wall Street Zen upgraded Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $28.18.

Gates Industrial Stock Down 1.4%

Shares of NYSE:GTES traded down $0.37 during trading on Friday, hitting $25.68. The company's stock had a trading volume of 1,921,051 shares, compared to its average volume of 1,737,540. The company has a market capitalization of $6.61 billion, a PE ratio of 32.92 and a beta of 1.25. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $26.42. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The stock's 50-day moving average price is $24.84 and its two-hundred day moving average price is $21.76.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.Gates Industrial's revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, sell-side analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current 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.