First Manhattan CO. LLC. Reduces Position in Gates Industrial Corporation PLC $GTES

Key Points

• First Manhattan CO. LLC. reduced its holdings in Gates Industrial Corporation by 18.1%, selling 188,597 shares during the first quarter, leaving it with a total of 855,186 shares worth approximately $15.74 million.
• Analysts have recently upgraded Gates Industrial, with Zacks Research now rating it as a "strong-buy" and Royal Bank of Canada raising its price target from $28.00 to $29.00.
• Gates Industrial reported a quarterly revenue of $883.70 million, surpassing analysts' expectations, and has set its FY 2025 EPS guidance at 1.440-1.520.

First Manhattan CO. LLC. decreased its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 18.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 855,186 shares of the company's stock after selling 188,597 shares during the quarter. First Manhattan CO. LLC. owned approximately 0.33% of Gates Industrial worth $15,744,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new position in shares of Gates Industrial during the 1st quarter valued at $939,000. Royal Bank of Canada lifted its stake in shares of Gates Industrial by 45.0% during the 1st quarter. Royal Bank of Canada now owns 626,865 shares of the company's stock valued at $11,541,000 after buying an additional 194,592 shares in the last quarter. Graham Capital Management L.P. lifted its stake in shares of Gates Industrial by 299.8% during the 1st quarter. Graham Capital Management L.P. now owns 43,500 shares of the company's stock valued at $801,000 after buying an additional 32,619 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Gates Industrial by 4,976.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock valued at $29,573,000 after buying an additional 1,574,701 shares in the last quarter. Finally, State of Wyoming increased its holdings in Gates Industrial by 125.8% in the 1st quarter. State of Wyoming now owns 27,889 shares of the company's stock valued at $513,000 after acquiring an additional 15,540 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

Shares of Gates Industrial stock traded down $0.01 during trading hours on Friday, reaching $25.93. The company's stock had a trading volume of 1,954,299 shares, compared to its average volume of 1,710,178. The firm has a 50 day moving average price of $24.66 and a 200-day moving average price of $21.65. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.42. 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 stock has a market cap of $6.68 billion, a P/E ratio of 33.24 and a beta of 1.25.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. 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 firm posted $0.36 EPS. The business's quarterly revenue was down .2% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Citigroup lifted 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. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 12th. KeyCorp reiterated an "overweight" rating and issued a $30.00 price target (up from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Finally, Barclays reiterated an "overweight" rating and issued a $28.00 price target (up from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of "Moderate Buy" and an average price target of $28.18.

About Gates Industrial

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.