Cubist Systematic Strategies LLC Purchases Shares of 51,001 Gates Industrial Corporation PLC $GTES

Key Points

• Cubist Systematic Strategies LLC acquired 51,001 shares of Gates Industrial Corporation PLC (GTES) valued at approximately $939,000, marking a significant new position for the institutional investor.
• Several institutional investors have increased their stakes in GTES, with notable increases including Driehaus Capital Management LLC growing its position by 4,976.3%.
• Analysts have a consensus rating of "Moderate Buy" for GTES, with target prices ranging from $28.00 to $30.00, reflecting positive market sentiment regarding the company's growth prospects.

Cubist Systematic Strategies LLC purchased a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 51,001 shares of the company's stock, valued at approximately $939,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada grew its position in Gates Industrial by 45.0% in the 1st quarter. Royal Bank of Canada now owns 626,865 shares of the company's stock worth $11,541,000 after purchasing an additional 194,592 shares in the last quarter. Graham Capital Management L.P. grew its holdings in shares of Gates Industrial by 299.8% in the first quarter. Graham Capital Management L.P. now owns 43,500 shares of the company's stock valued at $801,000 after acquiring an additional 32,619 shares in the last quarter. Driehaus Capital Management LLC increased its position in shares of Gates Industrial by 4,976.3% during the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock valued at $29,573,000 after acquiring an additional 1,574,701 shares during the last quarter. State of Wyoming lifted its holdings in Gates Industrial by 125.8% during the first quarter. State of Wyoming now owns 27,889 shares of the company's stock worth $513,000 after acquiring an additional 15,540 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in Gates Industrial by 20,006.5% during the first quarter. MetLife Investment Management LLC now owns 835,829 shares of the company's stock worth $15,388,000 after acquiring an additional 831,672 shares during the period. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of GTES stock traded down $0.37 on Friday, hitting $25.68. 1,921,051 shares of the stock were exchanged, compared to its average volume of 1,737,540. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $6.61 billion, a PE ratio of 32.92 and a beta of 1.25. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.42. The firm's 50 day moving average is $24.84 and its two-hundred day moving average is $21.76.

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, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $883.70 million during the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The firm's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Sell-side analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GTES has been the subject of several research analyst reports. Barclays reaffirmed an "overweight" rating and set a $28.00 target price (up from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Royal Bank Of Canada raised their price objective 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. The Goldman Sachs Group boosted their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Zacks Research upgraded shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. Finally, Citigroup upped their price objective on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.18.

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.