10,508 Shares in Gates Industrial Corporation PLC $GTES Acquired by Aristeia Capital L.L.C.

Key Points

• Aristeia Capital L.L.C. has purchased 10,508 shares of Gates Industrial Corporation PLC, valued at approximately $193,000, indicating increased institutional interest in the stock.
• Several other hedge funds raised their positions in Gates Industrial, with notable increases from Mercer Global Advisors (15.7%) and BNP Paribas Financial Markets (113.1%) during the fourth quarter.
• Gates Industrial reported a slight revenue decline year-over-year, with $883.70 million for the latest quarter, along with a consensus target price of $28.18 from analysts.

Aristeia Capital L.L.C. purchased a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,508 shares of the company's stock, valued at approximately $193,000.

Other hedge funds also recently modified their holdings of the company. SVB Wealth LLC acquired a new stake in shares of Gates Industrial during the first quarter worth about $34,000. Avanza Fonder AB acquired a new stake in shares of Gates Industrial during the first quarter worth about $145,000. GAMMA Investing LLC raised its position in shares of Gates Industrial by 81.0% during the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after purchasing an additional 4,073 shares during the period. Versant Capital Management Inc raised its position in shares of Gates Industrial by 295.1% during the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company's stock worth $181,000 after purchasing an additional 7,359 shares during the period. Finally, PharVision Advisers LLC acquired a new stake in shares of Gates Industrial during the fourth quarter worth about $203,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Down 1.4%

GTES stock traded down $0.37 during mid-day trading on Friday, reaching $25.68. The company had a trading volume of 1,921,051 shares, compared to its average volume of 1,768,266. 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 stock has a 50 day simple moving average of $24.84 and a two-hundred day simple moving average of $21.76. The company has a market capitalization of $6.61 billion, a price-to-earnings ratio of 32.92 and a beta of 1.25. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.42.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $883.70 million during 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%.The business's revenue was down .2% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, equities analysts predict that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GTES has been the topic of a number of recent research reports. Industrial Alliance Securities set a $35.00 target price on Gates Industrial in a research report on Monday, August 25th. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 12th. Barclays reissued an "overweight" rating and issued a $28.00 target price (up previously from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Zacks Research raised Gates Industrial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. Finally, UBS Group lifted their target price on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $28.18.

Gates Industrial 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.