Charles Schwab Investment Management Inc. Sells 70,655 Shares of Gates Industrial Corporation PLC $GTES

Charles Schwab Investment Management Inc. decreased its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,384,314 shares of the company's stock after selling 70,655 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.92% of Gates Industrial worth $43,895,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its position in shares of Gates Industrial by 4.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock worth $767,000 after acquiring an additional 1,845 shares during the period. GAMMA Investing LLC lifted its position in shares of Gates Industrial by 81.0% in the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after acquiring an additional 4,073 shares during the period. QRG Capital Management Inc. lifted its position in shares of Gates Industrial by 4.5% during the 1st quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock worth $701,000 after buying an additional 1,626 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Gates Industrial by 1.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock worth $1,443,000 after buying an additional 1,015 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Gates Industrial by 15.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock worth $2,227,000 after buying an additional 16,224 shares during the period. Institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Up 3.9%

Shares of NYSE GTES traded up $0.9450 during midday trading on Friday, hitting $25.2350. The stock had a trading volume of 179,063 shares, compared to its average volume of 2,275,725. The company's 50-day simple moving average is $23.92 and its 200 day simple moving average is $21.39. The firm has a market cap of $6.50 billion, a P/E ratio of 32.37 and a beta of 1.24. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $25.66. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $883.70 million during the quarter, compared to analysts' expectations 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 for the quarter was down .2% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Research analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Barclays restated an "overweight" rating and set a $28.00 target price (up previously from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. UBS Group raised their target price on Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. The Goldman Sachs Group raised their target price on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Citigroup raised their price target on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a report on Monday, July 14th. Finally, Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $26.67.

Gates Industrial Company 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.