Channing Capital Management LLC decreased its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,042,471 shares of the company's stock after selling 104,332 shares during the quarter. Gates Industrial comprises approximately 2.2% of Channing Capital Management LLC's portfolio, making the stock its 12th biggest position. Channing Capital Management LLC owned 1.57% of Gates Industrial worth $74,422,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in GTES. Quantbot Technologies LP bought a new stake in shares of Gates Industrial during the 1st quarter valued at about $683,000. Northern Trust Corp lifted its holdings in Gates Industrial by 2.9% in the first quarter. Northern Trust Corp now owns 1,528,939 shares of the company's stock worth $28,148,000 after buying an additional 43,216 shares during the period. American Century Companies Inc. boosted its position in Gates Industrial by 13.6% during the 1st quarter. American Century Companies Inc. now owns 6,200,432 shares of the company's stock valued at $114,150,000 after acquiring an additional 743,468 shares in the last quarter. Ethic Inc. grew its holdings in shares of Gates Industrial by 88.9% during the 1st quarter. Ethic Inc. now owns 54,879 shares of the company's stock worth $1,019,000 after acquiring an additional 25,830 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of Gates Industrial by 206.8% in the 1st quarter. Russell Investments Group Ltd. now owns 83,898 shares of the company's stock worth $1,545,000 after acquiring an additional 56,548 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on GTES shares. Royal Bank Of Canada lifted their price target on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. The Goldman Sachs Group boosted their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. KeyCorp reaffirmed an "overweight" rating and issued a $30.00 target price (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. UBS Group lifted 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. Finally, Citigroup boosted their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus target price of $26.67.
Read Our Latest Report on Gates Industrial
Gates Industrial Stock Up 4.0%
NYSE:GTES traded up $0.9650 on Friday, reaching $25.2550. 1,902,708 shares of the stock traded hands, compared to its average volume of 2,065,645. 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 company has a market capitalization of $6.51 billion, a price-to-earnings ratio of 32.38 and a beta of 1.24. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $25.66. The company's fifty day simple moving average is $23.99 and its 200 day simple moving average is $21.43.
Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The firm had revenue of $883.70 million for the quarter, compared to analysts' expectations of $873.34 million. During the same quarter in the prior year, the company posted $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. Equities analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.
About Gates Industrial
(
Free Report)
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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