Deutsche Bank AG Sells 168,516 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• Deutsche Bank AG significantly reduced its stake in Gates Industrial Corporation PLC by 89.6%, selling 168,516 shares in the 1st quarter.
• Gates Industrial's most recent quarterly earnings reported an EPS of $0.39, exceeding the consensus estimate of $0.38, with a total revenue of $883.70 million.
• Analysts have a moderate buy consensus rating for Gates Industrial, with target prices ranging from $22.00 to $35.00 across various research firms.

Deutsche Bank AG decreased its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 89.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,536 shares of the company's stock after selling 168,516 shares during the period. Deutsche Bank AG's holdings in Gates Industrial were worth $360,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position 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 valued at $74,247,000 after purchasing an additional 3,046,064 shares during the last quarter. Jennison Associates LLC grew its stake in 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 acquiring an additional 1,618,598 shares during the period. Point72 Asset Management L.P. lifted its holdings in 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 in the last quarter. Millennium Management LLC raised its holdings in shares of Gates Industrial by 278.7% during the 4th quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock worth $27,090,000 after acquiring an additional 969,263 shares during the period. Finally, Interval Partners LP purchased a new position in shares of Gates Industrial during the 4th quarter worth $14,108,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

Shares of NYSE:GTES traded down $0.61 on Friday, reaching $25.53. 1,500,043 shares of the company traded hands, compared to its average volume of 1,832,351. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The stock has a market capitalization of $6.58 billion, a PE ratio of 32.74 and a beta of 1.24. The company's 50 day moving average is $24.38 and its 200-day moving average is $21.54. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $26.33.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Industrial Alliance Securities set a $35.00 price target on shares of Gates Industrial in a research report on Monday, August 25th. UBS Group increased their price objective on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Citigroup raised their price target 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. JPMorgan Chase & Co. assumed coverage on Gates Industrial in a research note on Monday, August 25th. They issued an "overweight" rating and a $35.00 price objective on the stock. Finally, The Goldman Sachs Group boosted their price target on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $28.18.

Gates Industrial 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.