Aristeia Capital L.L.C. Buys New Shares in Gates Industrial Corporation PLC $GTES

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. bought a new stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,508 shares of the company's stock, valued at approximately $193,000.

A number of other institutional investors have also modified their holdings of GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock valued at $74,247,000 after purchasing an additional 3,046,064 shares during the period. Jennison Associates LLC increased its holdings in shares of Gates Industrial by 30.5% in the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock valued at $127,386,000 after purchasing an additional 1,618,598 shares during the period. Driehaus Capital Management LLC increased its holdings 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 valued at $29,573,000 after purchasing an additional 1,574,701 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Gates Industrial by 209.9% in the fourth quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock valued at $43,651,000 after purchasing an additional 1,437,281 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Gates Industrial by 278.7% in the fourth quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock valued at $27,090,000 after purchasing an additional 969,263 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GTES. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. Royal Bank Of Canada upped their price objective on Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Zacks Research raised Gates Industrial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. KeyCorp reaffirmed an "overweight" rating and set a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. Finally, Barclays reaffirmed an "overweight" rating and set a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.18.

Gates Industrial Price Performance

Shares of NYSE:GTES traded down $0.37 on Friday, hitting $25.68. The company had a trading volume of 1,921,051 shares, compared to its average volume of 2,259,123. 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 Corporation PLC has a 52-week low of $14.70 and a 52-week high of $26.42. The business has a 50 day moving average of $24.81 and a 200 day moving average of $21.73. The company has a market cap of $6.61 billion, a PE ratio of 32.92 and a beta of 1.25.

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

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.