Gates Industrial Corporation PLC $GTES Shares Purchased by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC significantly increased its stake in Gates Industrial Corporation PLC by 20,006.5% during the first quarter, owning a total of 835,829 shares worth approximately $15.4 million.
• Gates Industrial reported $0.39 earnings per share for the most recent quarter, exceeding analyst estimates, with revenue of $883.7 million despite being marginally down from the prior year.
• Analysts have a positive outlook on Gates Industrial, with an average price target of $27.50 and a mix of ratings, including one "Strong Buy" and seven "Buy" ratings.

MetLife Investment Management LLC grew its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 20,006.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 835,829 shares of the company's stock after purchasing an additional 831,672 shares during the quarter. MetLife Investment Management LLC owned approximately 0.32% of Gates Industrial worth $15,388,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new stake in Gates Industrial during the first quarter worth approximately $34,000. Avanza Fonder AB acquired a new stake in Gates Industrial during the first quarter worth approximately $145,000. GAMMA Investing LLC raised its holdings in Gates Industrial by 81.0% during the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after purchasing an additional 4,073 shares in the last quarter. Versant Capital Management Inc raised its holdings in Gates Industrial by 295.1% during the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company's stock worth $181,000 after purchasing an additional 7,359 shares in the last quarter. Finally, Coldstream Capital Management Inc. acquired a new stake in Gates Industrial during the fourth quarter worth approximately $202,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Performance

Shares of GTES opened at $25.5950 on Tuesday. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66. The firm has a market cap of $6.59 billion, a PE ratio of 32.81 and a beta of 1.24. The company's 50 day simple moving average is $24.06 and its 200-day simple moving average is $21.44. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $25.96.

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, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $883.70 million for the quarter, compared to analyst estimates of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The company's revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, equities analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on GTES shares. KeyCorp reissued an "overweight" rating and set a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. Morgan Stanley cut their price objective on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Citigroup boosted their price objective on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Barclays reissued an "overweight" rating and issued a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. Finally, Wall Street Zen upgraded shares of 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 issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $27.50.

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.

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