Gates Industrial Corporation PLC $GTES Shares Bought by Lazard Asset Management LLC

Key Points

• Lazard Asset Management increased its Gates Industrial stake by 33.7% in the first quarter, purchasing 94,746 additional shares and bringing its holdings to 376,264 shares valued at approximately $8.5 million.
• Institutional ownership remains high at 98.5%, with JPMorgan nearly doubling its position and several other major investors establishing or expanding stakes.
• Analysts maintain a Moderate Buy consensus with an average price target of $31.50, while Gates Industrial’s latest quarterly EPS of $0.35 exceeded estimates despite revenue coming in slightly below expectations.

Lazard Asset Management LLC grew its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 33.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 376,264 shares of the company's stock after buying an additional 94,746 shares during the quarter. Lazard Asset Management LLC owned 0.15% of Gates Industrial worth $8,507,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Gates Industrial by 98.7% in the 4th quarter. JPMorgan Chase & Co. now owns 8,373,294 shares of the company's stock valued at $179,775,000 after acquiring an additional 4,158,341 shares during the period. Norges Bank purchased a new stake in Gates Industrial in the 4th quarter worth $74,843,000. Van Berkom & Associates Inc. acquired a new position in Gates Industrial during the fourth quarter worth $68,614,000. Adage Capital Partners GP L.L.C. acquired a new position in Gates Industrial during the second quarter worth $32,255,000. Finally, Nuveen LLC raised its position in Gates Industrial by 280.0% during the fourth quarter. Nuveen LLC now owns 1,725,274 shares of the company's stock worth $37,042,000 after acquiring an additional 1,271,248 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GTES has been the topic of several research analyst reports. Wall Street Zen lowered shares of Gates Industrial from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Robert W. Baird reduced their price target on shares of Gates Industrial from $39.00 to $37.00 and set an "outperform" rating for the company in a research report on Monday, May 4th. Morgan Stanley lifted their price objective on Gates Industrial from $27.00 to $28.00 and gave the stock an "equal weight" rating in a report on Friday, May 29th. Wolfe Research restated an "outperform" rating and issued a $33.00 target price on shares of Gates Industrial in a research report on Thursday, July 9th. Finally, Royal Bank Of Canada increased their price objective on Gates Industrial from $30.00 to $33.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.50.

Gates Industrial Stock Performance

NYSE GTES opened at $25.77 on Friday. The company has a market cap of $6.54 billion, a P/E ratio of 26.84 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 stock has a 50-day moving average of $26.63 and a two-hundred day moving average of $25.36. Gates Industrial Corporation PLC has a 1-year low of $20.88 and a 1-year high of $29.17.

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 (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.03. The business had revenue of $851.10 million for the quarter, compared to analysts' expectations of $859.72 million. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The business's quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. As a group, analysts anticipate that Gates Industrial Corporation PLC will post 1.53 EPS for the current year.

About Gates Industrial

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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