Gates Industrial Corporation PLC $GTES Shares Sold by Jennison Associates LLC

Key Points

• Jennison Associates LLC cut its stake in Gates Industrial by 21.2% in the first quarter, selling over 1.05 million shares and leaving it with 3.9 million shares worth about $88.3 million.
• Gates Industrial beat earnings expectations in its latest quarter, reporting EPS of $0.35 versus the $0.32 estimate, though revenue of $851.1 million came in slightly below forecasts.
• Wall Street sentiment remains constructive, with 8 Buy ratings and 4 Hold ratings and a consensus price target of $31.36, above the stock’s recent opening price of $26.60.

Jennison Associates LLC lessened its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 21.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,904,247 shares of the company's stock after selling 1,052,620 shares during the period. Jennison Associates LLC owned about 1.54% of Gates Industrial worth $88,275,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTES. Los Angeles Capital Management LLC purchased a new position in shares of Gates Industrial during the 4th quarter valued at approximately $26,000. Transamerica Financial Advisors LLC boosted its holdings in Gates Industrial by 51.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,577 shares of the company's stock worth $34,000 after buying an additional 539 shares in the last quarter. Fifth Third Bancorp grew its position in Gates Industrial by 46.3% during the first quarter. Fifth Third Bancorp now owns 1,624 shares of the company's stock valued at $37,000 after buying an additional 514 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Gates Industrial by 273.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company's stock valued at $67,000 after buying an additional 2,131 shares during the period. Finally, Quadrant Capital Group LLC purchased a new position in Gates Industrial in the third quarter valued at $73,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Performance

NYSE:GTES opened at $26.60 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.66 and a current ratio of 3.67. The company has a fifty day moving average of $26.33 and a two-hundred day moving average of $25.09. The stock has a market capitalization of $6.76 billion, a PE ratio of 27.71 and a beta of 1.25. Gates Industrial Corporation PLC has a fifty-two week low of $20.88 and a fifty-two week high of $29.17.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Friday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.03. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The business had revenue of $851.10 million for the quarter, compared to analyst estimates of $859.72 million. During the same quarter last year, the business earned $0.36 earnings per share. The company's revenue for the quarter was up .4% compared to the same quarter last year. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. As a group, research analysts forecast that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on GTES shares. Morgan Stanley upped their price objective on shares of Gates Industrial from $27.00 to $28.00 and gave the stock an "equal weight" rating in a research report on Friday, May 29th. Barclays dropped their target price on Gates Industrial from $32.00 to $28.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 1st. Royal Bank Of Canada lifted their price target on Gates Industrial from $30.00 to $33.00 and gave the company an "outperform" rating in a research note on Thursday. Robert W. Baird reduced their price target on Gates Industrial from $39.00 to $37.00 and set an "outperform" rating for the company in a report on Monday, May 4th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Gates Industrial in a research report on Monday, June 29th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Gates Industrial currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.36.

Gates Industrial Profile

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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