Gates Industrial Corporation PLC $GTES Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 1.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,346,443 shares of the company's stock after buying an additional 38,645 shares during the quarter. Bank of New York Mellon Corp owned 0.92% of Gates Industrial worth $53,053,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Illinois Municipal Retirement Fund lifted its holdings in shares of Gates Industrial by 6.6% in the 1st quarter. Illinois Municipal Retirement Fund now owns 151,885 shares of the company's stock worth $3,434,000 after acquiring an additional 9,359 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in Gates Industrial in the 1st quarter valued at approximately $282,000. Principal Financial Group Inc. increased its holdings in Gates Industrial by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 1,230,336 shares of the company's stock valued at $27,818,000 after purchasing an additional 3,337 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in Gates Industrial by 17.5% in the first quarter. Chicago Partners Investment Group LLC now owns 15,682 shares of the company's stock valued at $355,000 after purchasing an additional 2,334 shares during the period. Finally, Fifth Third Bancorp lifted its stake in Gates Industrial by 46.3% during the first quarter. Fifth Third Bancorp now owns 1,624 shares of the company's stock worth $37,000 after purchasing an additional 514 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Morgan Stanley raised their price target on Gates Industrial from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Friday, May 29th. Weiss Ratings reissued a "hold (c+)" rating on shares of Gates Industrial in a research note on Monday, June 29th. Wall Street Zen cut Gates Industrial from a "strong-buy" rating to a "buy" rating in a report on Sunday, May 10th. Royal Bank Of Canada lifted their target price on Gates Industrial from $30.00 to $33.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Finally, Barclays cut their price target on shares of Gates Industrial from $32.00 to $28.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.36.

Gates Industrial Trading Down 1.4%

GTES opened at $27.02 on Friday. Gates Industrial Corporation PLC has a 12 month low of $20.88 and a 12 month high of $29.17. The stock has a market capitalization of $6.86 billion, a price-to-earnings ratio of 28.14 and a beta of 1.25. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.67 and a quick ratio of 2.66. The business has a fifty day moving average price of $26.42 and a 200 day moving average price of $25.24.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.03. The company had revenue of $851.10 million for the quarter, compared to the consensus estimate 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 was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 EPS. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Sell-side analysts expect that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current fiscal 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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