Gates Industrial Corporation PLC $GTES Position Cut by Danske Bank A S

Key Points

• Danske Bank A S slashed its stake in Gates Industrial by 94.6% in the fourth quarter, selling 40,200 shares and leaving it with 2,300 shares worth about $49,000.
• Analysts remain generally positive on GTES, with an average rating of “Moderate Buy” and an average price target of $30.18. Recent moves included Morgan Stanley lifting its target to $27 and Citigroup raising its target to $33.
• Gates Industrial reported Q1 earnings of $0.35 per share, beating estimates by $0.03, while revenue came in slightly below expectations at $851.1 million. The stock traded around $26.09, up 0.4% on the day.

Danske Bank A S reduced its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 94.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,300 shares of the company's stock after selling 40,200 shares during the quarter. Danske Bank A S's holdings in Gates Industrial were worth $49,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH acquired a new stake in Gates Industrial in the third quarter worth approximately $2,033,000. Caprock Group LLC acquired a new position in shares of Gates Industrial during the 3rd quarter valued at $1,695,000. New York State Common Retirement Fund increased its position in shares of Gates Industrial by 33.4% during the 3rd quarter. New York State Common Retirement Fund now owns 1,381,075 shares of the company's stock valued at $34,278,000 after purchasing an additional 345,552 shares during the period. Handelsbanken Fonder AB raised its stake in shares of Gates Industrial by 61.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,182,100 shares of the company's stock worth $54,160,000 after buying an additional 830,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Gates Industrial by 5.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 14,169,457 shares of the company's stock worth $312,578,000 after buying an additional 717,353 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on GTES. Morgan Stanley raised their target price on Gates Industrial from $25.00 to $27.00 and gave the company an "equal weight" rating in a research note on Wednesday, March 11th. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 2nd. Citigroup upped their price target on shares of Gates Industrial from $27.00 to $33.00 and gave the company a "buy" rating in a report on Friday, February 13th. Weiss Ratings cut shares of Gates Industrial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 1st. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $31.00 target price on shares of Gates Industrial in a report on Friday, February 13th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and an average target price of $30.18.

Gates Industrial Stock Up 0.4%

Shares of Gates Industrial stock opened at $26.09 on Friday. Gates Industrial Corporation PLC has a 12-month low of $20.39 and a 12-month high of $28.47. The firm has a market capitalization of $6.62 billion, a PE ratio of 27.18 and a beta of 1.28. The company has a quick ratio of 2.66, a current ratio of 3.67 and a debt-to-equity ratio of 0.61. The stock's fifty day moving average is $24.44 and its 200-day moving average is $23.73.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.03. The business had revenue of $851.10 million during the quarter, compared to analyst estimates of $859.72 million. Gates Industrial had a return on equity of 10.00% and a net margin of 7.23%.Gates Industrial's revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Equities analysts anticipate that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current year.

Gates Industrial Profile

Gates Industrial Corporation PLC NYSE: GTES is a leading global manufacturer of engineered power transmission belts and fluid power products. The company's portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.

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