Gates Industrial Corporation PLC $GTES Shares Acquired by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Gates Industrial Corporation PLC by 2.9%, holding approximately 0.59% of the company valued at $28.1 million after acquiring an additional 43,216 shares.
• Gates Industrial reported earnings of $0.39 per share, beating analyst expectations of $0.38, with a revenue of $883.7 million for the quarter, slightly down from the previous year.
• Analysts have a consensus rating of "Moderate Buy" for Gates Industrial, with price targets ranging from $20.00 to $35.00, reflecting varying outlooks on the stock's future performance.

Northern Trust Corp boosted its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,528,939 shares of the company's stock after buying an additional 43,216 shares during the quarter. Northern Trust Corp owned approximately 0.59% of Gates Industrial worth $28,148,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in Gates Industrial by 4.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after purchasing an additional 1,845 shares during the period. GAMMA Investing LLC grew its position in shares of Gates Industrial by 81.0% during the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after buying an additional 4,073 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of Gates Industrial by 4.5% in the 1st quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock worth $701,000 after purchasing an additional 1,626 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Gates Industrial by 1.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock worth $1,443,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Gates Industrial by 15.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock worth $2,227,000 after purchasing an additional 16,224 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Up 1.8%

GTES traded up $0.45 during trading hours on Thursday, reaching $25.83. 1,077,725 shares of the company's stock traded hands, compared to its average volume of 2,261,689. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $6.65 billion, a PE ratio of 33.06 and a beta of 1.25. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $26.33. The firm has a 50-day moving average price of $24.54 and a 200 day moving average price of $21.61.

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on GTES. Barclays restated an "overweight" rating and set a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Industrial Alliance Securities set a $35.00 price objective on Gates Industrial in a report on Monday, August 25th. Zacks Research raised Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. JPMorgan Chase & Co. assumed coverage on Gates Industrial in a research report on Monday, August 25th. They issued an "overweight" rating and a $35.00 price objective for the company. Finally, The Goldman Sachs Group upped their target price on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. One investment 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 stock. According to data from MarketBeat, the stock has an average 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.