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. reduced 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 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Mackenzie Financial Corp grew its holdings in shares of Gates Industrial by 0.4% during the 1st quarter. Mackenzie Financial Corp now owns 602,743 shares of the company's stock valued at $11,096,000 after acquiring an additional 2,609 shares in the last quarter. LPL Financial LLC boosted its position in Gates Industrial by 15.7% during the first quarter. LPL Financial LLC now owns 179,272 shares of the company's stock valued at $3,300,000 after purchasing an additional 24,356 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Gates Industrial by 20.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,371 shares of the company's stock valued at $1,204,000 after purchasing an additional 10,933 shares in the last quarter. Heartland Advisors Inc. grew its stake in Gates Industrial by 27.6% in the first quarter. Heartland Advisors Inc. now owns 785,091 shares of the company's stock valued at $14,454,000 after purchasing an additional 169,899 shares in the last quarter. Finally, KLP Kapitalforvaltning AS increased its position in Gates Industrial by 10.4% in the 1st quarter. KLP Kapitalforvaltning AS now owns 55,200 shares of the company's stock worth $1,016,000 after purchasing an additional 5,200 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GTES. Barclays reissued an "overweight" rating and issued a $28.00 price target (up previously from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. UBS Group boosted their target price on shares of Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. KeyCorp restated an "overweight" rating and set a $30.00 price target (up previously from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Citigroup lifted their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Morgan Stanley lowered their target price on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Gates Industrial presently has an average rating of "Moderate Buy" and a consensus target price of $26.67.

Gates Industrial Stock Performance

NYSE:GTES traded down $0.26 during midday trading on Friday, reaching $23.62. The stock had a trading volume of 1,529,360 shares, compared to its average volume of 2,057,343. The stock has a market capitalization of $6.08 billion, a P/E ratio of 30.28 and a beta of 1.24. Gates Industrial Corporation PLC has a 1-year low of $14.70 and a 1-year high of $25.66. 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's fifty day simple moving average is $23.44 and its 200-day simple moving average is $21.15.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The company had revenue of $883.70 million during the quarter, compared to analysts' expectations of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The business's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 earnings per share. On average, equities research analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

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.