Driehaus Capital Management LLC Buys 1,574,701 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• Driehaus Capital Management LLC significantly increased its holdings in Gates Industrial Corporation by 4,976.3%, acquiring 1,574,701 shares during the first quarter, raising its total ownership to approximately $29.57 million.
• Gates Industrial's recent earnings report beat analysts' expectations with an EPS of $0.39, and revenue of $883.70 million, though it experienced a slight decline of 0.2% compared to the previous year.
• Analysts have varied ratings for Gates Industrial, with Barclays and Industrial Alliance establishing higher price targets of $28.00 and $35.00 respectively, while the stock has an average target price of $28.18.

Driehaus Capital Management LLC boosted its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 4,976.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,606,345 shares of the company's stock after purchasing an additional 1,574,701 shares during the period. Driehaus Capital Management LLC owned 0.62% of Gates Industrial worth $29,573,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. EP Wealth Advisors LLC boosted its position in Gates Industrial by 3.6% during the fourth quarter. EP Wealth Advisors LLC now owns 14,468 shares of the company's stock valued at $298,000 after purchasing an additional 504 shares during the last quarter. MetLife Investment Management LLC boosted its position in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock valued at $86,000 after purchasing an additional 567 shares during the last quarter. Personal CFO Solutions LLC boosted its position in Gates Industrial by 6.4% during the first quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company's stock valued at $206,000 after purchasing an additional 670 shares during the last quarter. Utah Retirement Systems boosted its position in Gates Industrial by 6.4% during the fourth quarter. Utah Retirement Systems now owns 11,700 shares of the company's stock valued at $241,000 after purchasing an additional 700 shares during the last quarter. Finally, Xponance Inc. boosted its position in Gates Industrial by 8.7% during the first quarter. Xponance Inc. now owns 11,359 shares of the company's stock valued at $209,000 after purchasing an additional 909 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Gates Industrial stock traded up $0.53 during mid-day trading on Thursday, reaching $25.91. 2,398,544 shares of the company were exchanged, compared to its average volume of 1,689,968. The company has a fifty day simple moving average of $24.60 and a 200-day simple moving average of $21.63. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $26.33. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The firm has a market cap of $6.67 billion, a PE ratio of 33.21 and a beta of 1.25.

Gates Industrial (NYSE:GTES - Get Free Report) last posted 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. 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 analyst estimates of $873.34 million. During the same quarter last year, the company earned $0.36 EPS. 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. As a group, equities research analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GTES shares. Industrial Alliance Securities set a $35.00 price target on Gates Industrial in a research report on Monday, August 25th. Barclays reiterated 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. The Goldman Sachs Group lifted their target price on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. UBS Group lifted their target price on Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Citigroup lifted their target price on Gates Industrial from $22.00 to $29.00 and gave the stock 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 assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average 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.