Teza Capital Management LLC Sells 71,490 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• Teza Capital Management LLC significantly reduced its stake in Gates Industrial Corporation PLC by 86.6%, holding only 11,016 shares after selling 71,490 shares in the first quarter.
• Analysts have optimistic views on Gates Industrial, with Citigroup and Royal Bank of Canada increasing their price targets to $29.00, and providing ratings ranging from "buy" to "strong-buy."
• Gates Industrial reported earnings per share (EPS) of $0.39 for the last quarter, exceeding estimates, while projecting a fiscal year 2025 EPS guidance between $1.440 and $1.520.

Teza Capital Management LLC lessened its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 86.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,016 shares of the company's stock after selling 71,490 shares during the quarter. Teza Capital Management LLC's holdings in Gates Industrial were worth $203,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SVB Wealth LLC bought a new stake in Gates Industrial during the 1st quarter valued at $34,000. Avanza Fonder AB bought a new stake in Gates Industrial during the 1st quarter valued at $145,000. GAMMA Investing LLC raised its holdings in Gates Industrial by 81.0% during the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock valued at $168,000 after acquiring an additional 4,073 shares during the period. Versant Capital Management Inc raised its holdings in Gates Industrial by 295.1% during the 1st quarter. Versant Capital Management Inc now owns 9,853 shares of the company's stock valued at $181,000 after acquiring an additional 7,359 shares during the period. Finally, PharVision Advisers LLC bought a new stake in Gates Industrial during the 4th quarter valued at $203,000. Institutional investors own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Industrial Alliance Securities set a $35.00 target price on shares of Gates Industrial in a report on Monday, August 25th. JPMorgan Chase & Co. began coverage on shares of Gates Industrial in a research report on Monday, August 25th. They set an "overweight" rating and a $35.00 price target for the company. KeyCorp restated an "overweight" rating and set a $30.00 price target (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Zacks Research upgraded shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. Finally, Barclays restated an "overweight" rating and set a $28.00 price target (up from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $28.18.

Gates Industrial Trading Up 0.5%

Shares of NYSE:GTES traded up $0.13 during midday trading on Monday, hitting $25.75. 207,226 shares of the stock traded hands, compared to its average volume of 2,247,158. The stock has a market capitalization of $6.63 billion, a PE ratio of 33.08 and a beta of 1.25. The business's 50 day moving average is $24.84 and its two-hundred day moving average is $21.76. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.42.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $883.70 million during the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The company's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, research analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

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.