Federated Hermes Inc. Sells 38,182 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Key Points

• Federated Hermes Inc. has reduced its stake in Gates Industrial Corporation PLC by 25.7%, selling 38,182 shares and now holding 110,312 shares valued at approximately $2.03 million.
• Several institutional investors have increased their stakes in Gates Industrial, with notable increases from LPL Financial, Pictet Asset Management, and Geode Capital Management.
• Gates Industrial reported earnings exceeding expectations with $0.39 earnings per share, alongside revenue of $883.70 million, slightly down from the previous year.

Federated Hermes Inc. lessened its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 25.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,312 shares of the company's stock after selling 38,182 shares during the period. Federated Hermes Inc.'s holdings in Gates Industrial were worth $2,031,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of GTES. LPL Financial LLC boosted its holdings in shares of Gates Industrial by 12.7% during the fourth quarter. LPL Financial LLC now owns 154,916 shares of the company's stock worth $3,187,000 after purchasing an additional 17,419 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of Gates Industrial by 28.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 33,536 shares of the company's stock valued at $690,000 after buying an additional 7,414 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Gates Industrial during the 4th quarter valued at $2,942,000. Geode Capital Management LLC increased its stake in shares of Gates Industrial by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 3,657,458 shares of the company's stock worth $75,259,000 after acquiring an additional 196,603 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Gates Industrial by 7.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 1,137,082 shares of the company's stock worth $23,390,000 after acquiring an additional 83,011 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

GTES traded down $0.09 during trading on Wednesday, hitting $24.13. The company's stock had a trading volume of 2,337,843 shares, compared to its average volume of 1,994,983. 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 stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 30.93 and a beta of 1.24. The firm's 50 day moving average price is $23.35 and its two-hundred day moving average price is $21.11. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $25.66.

Gates Industrial (NYSE:GTES - Get Free Report) last issued 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. The business had revenue of $883.70 million during the quarter, compared to analyst estimates of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. Gates Industrial's revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 earnings per share. Sell-side analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Citigroup raised their price target on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a report on Monday, July 14th. KeyCorp reissued an "overweight" rating and set a $30.00 target price (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Morgan Stanley reduced their price target on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Royal Bank Of Canada increased their price objective on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, The Goldman Sachs Group raised their price objective on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.67.

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.