Cinctive Capital Management LP Reduces Stock Position in Gates Industrial Corporation PLC $GTES

Key Points

• Cinctive Capital Management LP significantly reduced its holdings in Gates Industrial Corporation PLC by 78.8%, selling 62,328 shares and retaining only 16,815 shares, which are worth approximately $310,000.
• Analysts have set various target prices for Gates Industrial, with a consensus target of $28.18 and multiple firms, including JPMorgan and Royal Bank of Canada, issuing "overweight" ratings.
• Gates Industrial reported a quarterly revenue of $883.70 million and an EPS of $0.39, beating analyst estimates, despite a slight year-over-year revenue decline of 0.2%.

Cinctive Capital Management LP decreased its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 78.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,815 shares of the company's stock after selling 62,328 shares during the quarter. Cinctive Capital Management LP's holdings in Gates Industrial were worth $310,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted 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 acquiring an additional 3,046,064 shares during the period. Jennison Associates LLC raised its position in Gates Industrial by 30.5% in the 1st 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 last quarter. Driehaus Capital Management LLC boosted its stake in Gates Industrial by 4,976.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock worth $29,573,000 after purchasing an additional 1,574,701 shares during the period. Point72 Asset Management L.P. boosted its stake in Gates Industrial by 209.9% during the 4th quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock worth $43,651,000 after purchasing an additional 1,437,281 shares during the period. Finally, Millennium Management LLC grew its position in Gates Industrial by 278.7% during the 4th quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock worth $27,090,000 after purchasing an additional 969,263 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Stock Performance

GTES traded up $0.76 during trading on Thursday, reaching $26.06. The company's stock had a trading volume of 2,119,217 shares, compared to its average volume of 1,723,311. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of 33.41 and a beta of 1.25. The company's fifty day moving average price is $24.81 and its 200-day moving average price is $21.73. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-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.

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. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The firm had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. During the same period in the previous year, the business earned $0.36 earnings per share. The company's revenue for the quarter was down .2% compared to the same quarter last year. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, equities analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GTES. Royal Bank Of Canada upped their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Barclays reaffirmed an "overweight" rating and set a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Citigroup lifted their target price on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Zacks Research raised Gates Industrial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. Finally, The Goldman Sachs Group upped their price target on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.18.

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.