Confluence Investment Management LLC Sells 28,176 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• Confluence Investment Management LLC sold 28,176 shares of Gates Industrial Corporation, decreasing its stake by 2.8% during the 2nd quarter, leaving it with approximately 982,926 shares valued at $22.6 million.
• A number of institutional investors significantly increased their holdings in Gates Industrial, with UBS AM raising its stake by 540.7% and Driehaus Capital Management increasing theirs by 4,976.3% over the past quarters.
• Wall Street analysts rate Gates Industrial with a consensus of "Moderate Buy," with price targets ranging from $23 to $30, reflecting positive growth expectations for the company.

Confluence Investment Management LLC decreased its position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 982,926 shares of the company's stock after selling 28,176 shares during the quarter. Confluence Investment Management LLC owned approximately 0.38% of Gates Industrial worth $22,637,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Gates Industrial by 540.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock worth $74,247,000 after acquiring an additional 3,046,064 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Gates Industrial by 30.5% in the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock worth $127,386,000 after acquiring an additional 1,618,598 shares in the last quarter. Driehaus Capital Management LLC grew its stake in shares of Gates Industrial by 4,976.3% in the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock worth $29,573,000 after acquiring an additional 1,574,701 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Gates Industrial by 209.9% in the 4th quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock worth $43,651,000 after acquiring an additional 1,437,281 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Gates Industrial by 278.7% in the 4th quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock worth $27,090,000 after acquiring an additional 969,263 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Zacks Research raised shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. 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 report on Thursday, July 31st. KeyCorp reissued an "overweight" rating and issued a $30.00 price target (up from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. Finally, The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. One investment 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 data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $28.18.

Gates Industrial Price Performance

NYSE GTES opened at $25.68 on Friday. The company has a market cap of $6.61 billion, a PE 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. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. The firm's 50-day simple moving average is $24.84 and its two-hundred day simple moving average is $21.76.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share 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 firm had revenue of $883.70 million for the quarter, compared to analysts' expectations of $873.34 million. During the same period in the prior year, the business posted $0.36 earnings per share. The company'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. Research analysts predict that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current 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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