Fred Alger Management LLC Has $44.68 Million Position in Gates Industrial Corporation PLC $GTES

Key Points

• Fred Alger Management LLC has reduced its stake in Gates Industrial Corporation PLC by 1.0%, selling 23,423 shares in the first quarter, leaving it with approximately 0.94% ownership valued at $44.7 million.
• Analysts have recently increased target prices for Gates Industrial, with Citigroup raising its target from $22.00 to $29.00 and JPMorgan initiating coverage with a price target of $35.00.
• Gates Industrial reported $0.39 earnings per share (EPS) for the last quarter, exceeding estimates, with revenues of $883.7 million, down slightly by 0.2% from the previous year.

Fred Alger Management LLC cut its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 1.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,427,137 shares of the company's stock after selling 23,423 shares during the period. Fred Alger Management LLC owned 0.94% of Gates Industrial worth $44,684,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Gates Industrial by 540.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock valued at $74,247,000 after purchasing an additional 3,046,064 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Gates Industrial by 30.5% during the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock worth $127,386,000 after purchasing an additional 1,618,598 shares during the last quarter. Driehaus Capital Management LLC lifted 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 worth $29,573,000 after purchasing an additional 1,574,701 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Gates Industrial by 209.9% in the fourth quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock worth $43,651,000 after acquiring an additional 1,437,281 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Gates Industrial by 278.7% in the fourth quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock worth $27,090,000 after acquiring an additional 969,263 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Stock Performance

Shares of NYSE:GTES traded down $0.37 during midday trading on Friday, hitting $25.68. The company's stock had a trading volume of 1,921,051 shares, compared to its average volume of 1,737,540. The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of 32.92 and a beta of 1.25. The stock's 50 day simple moving average is $24.84 and its 200 day simple moving average is $21.76. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $26.42. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 EPS 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%. The firm's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, research analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on GTES. JPMorgan Chase & Co. began coverage on Gates Industrial in a report on Monday, August 25th. They set an "overweight" rating and a $35.00 price target on the stock. The Goldman Sachs Group boosted their target price on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Barclays restated an "overweight" rating and issued a $28.00 price target (up previously from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Citigroup lifted their price target on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Finally, Royal Bank Of Canada lifted their price target on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.