Chicago Partners Investment Group LLC Acquires Shares of 13,272 Gates Industrial Corporation PLC $GTES

Key Points

• Chicago Partners Investment Group LLC acquired 13,272 shares of Gates Industrial Corporation PLC, valued at approximately $331,000, during the second quarter.
• Gates Industrial received numerous analyst upgrades, with Barclays and JPMorgan both setting "overweight" ratings and updated price targets of $28.00 and $35.00, respectively.
• The company's stock has seen a growth of 2.5% and currently has a market capitalization of $6.71 billion, with an average price target among analysts of $28.18.

Chicago Partners Investment Group LLC acquired a new stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,272 shares of the company's stock, valued at approximately $331,000.

Other institutional investors also recently bought and sold shares of the company. SVB Wealth LLC acquired a new position in Gates Industrial in the first quarter valued at $34,000. Steph & Co. acquired a new position in Gates Industrial in the second quarter valued at $70,000. GAMMA Investing LLC increased its stake in Gates Industrial by 81.0% in the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock valued at $168,000 after purchasing an additional 4,073 shares during the period. Aristeia Capital L.L.C. acquired a new position in Gates Industrial in the first quarter valued at $193,000. Finally, Aaron Wealth Advisors LLC acquired a new position in shares of Gates Industrial during the second quarter worth about $205,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on GTES shares. Barclays reiterated 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. JPMorgan Chase & Co. started coverage on shares of Gates Industrial in a research note on Monday, August 25th. They set an "overweight" rating and a $35.00 price target on the stock. Royal Bank Of Canada boosted their price target on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 4th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Gates Industrial in a research note on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and an average price target of $28.18.

Gates Industrial Stock Up 2.5%

GTES stock opened at $26.07 on Friday. The company has a market cap of $6.71 billion, a P/E ratio of 33.42 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. The company's 50-day moving average price is $25.33 and its 200 day moving average price is $22.96. 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 released its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The firm's revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, research analysts expect 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.

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