Confluence Investment Management LLC Reduces Stock Position in 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 cut its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 982,926 shares of the company's stock after selling 28,176 shares during the period. Confluence Investment Management LLC owned 0.38% of Gates Industrial worth $22,637,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Kera Capital Partners Inc. increased its position in shares of Gates Industrial by 27.0% during the second quarter. Kera Capital Partners Inc. now owns 17,477 shares of the company's stock valued at $402,000 after buying an additional 3,720 shares during the period. Voya Investment Management LLC increased its stake in shares of Gates Industrial by 187.0% during the first quarter. Voya Investment Management LLC now owns 139,129 shares of the company's stock valued at $2,561,000 after buying an additional 90,648 shares during the period. Strs Ohio purchased a new position in shares of Gates Industrial during the first quarter valued at approximately $8,916,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Gates Industrial by 9.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company's stock valued at $72,825,000 after buying an additional 346,250 shares during the period. Finally, Empowered Funds LLC purchased a new position in shares of Gates Industrial during the first quarter valued at approximately $381,000. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Up 2.1%

GTES stock traded up $0.54 on Thursday, hitting $25.72. 728,273 shares of the company's stock were exchanged, compared to its average volume of 2,243,766. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $26.42. The firm has a 50 day moving average price of $24.92 and a two-hundred day moving average price of $21.84. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The stock has a market cap of $6.62 billion, a P/E ratio of 32.97 and a beta of 1.25.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping 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 the consensus estimate of $873.34 million. During the same period in the previous year, the business earned $0.36 EPS. The firm's revenue for the quarter 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 research analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

GTES has been the topic of several research analyst reports. Barclays reissued an "overweight" rating and set a $28.00 target price (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. JPMorgan Chase & Co. began coverage on Gates Industrial in a research note on Monday, August 25th. They issued an "overweight" rating and a $35.00 price objective on the stock. Citigroup raised their price objective on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. KeyCorp reaffirmed an "overweight" rating and issued a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Finally, Zacks Research raised Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $28.18.

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.