Ethic Inc. Acquires 25,830 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• Ethic Inc. increased its stake in Gates Industrial Corporation by 88.9%, acquiring an additional 25,830 shares, bringing its total holding to 54,879 shares valued at approximately $1.02 million.
• Institutional investors collectively own 98.50% of Gates Industrial's stock, with UBS AM increasing its holdings by 540.7%, now totaling over 3.6 million shares.
• Analysts have set an average target price of $26.67 for Gates Industrial, with Barclays and Citigroup recommending "buy" ratings and new target prices of $28.00 and $29.00, respectively.

Ethic Inc. raised its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 88.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 54,879 shares of the company's stock after buying an additional 25,830 shares during the period. Ethic Inc.'s holdings in Gates Industrial were worth $1,019,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Gates Industrial by 540.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock worth $74,247,000 after acquiring an additional 3,046,064 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Gates Industrial by 30.5% in the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock valued at $127,386,000 after purchasing an additional 1,618,598 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Gates Industrial by 209.9% in the 4th quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock valued at $43,651,000 after purchasing an additional 1,437,281 shares during the period. Millennium Management LLC increased its stake in Gates Industrial by 278.7% in the 4th quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock worth $27,090,000 after purchasing an additional 969,263 shares in the last quarter. Finally, Interval Partners LP acquired a new stake in Gates Industrial during the 4th quarter worth about $14,108,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on GTES. JPMorgan Chase & Co. initiated coverage on shares of Gates Industrial in a report on Monday. They issued an "overweight" rating and a $35.00 target price for the company. UBS Group upped their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Citigroup lifted their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Zacks Research raised shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. Finally, Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 12th. One 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $27.50.

Gates Industrial Stock Up 1.4%

Shares of NYSE GTES traded up $0.3650 during mid-day trading on Monday, reaching $25.5950. The company had a trading volume of 1,800,407 shares, compared to its average volume of 2,103,323. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $25.96. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The stock has a market capitalization of $6.59 billion, a PE ratio of 32.81 and a beta of 1.24. The stock's 50 day moving average is $24.06 and its 200-day moving average is $21.44.

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

Gates Industrial Company Profile

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.