Gates Industrial Corporation PLC $GTES Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers has reduced its holdings in Gates Industrial Corporation PLC by 2.4%, now owning approximately 500,141 shares worth $9.2 million.
• The company's recent earnings report showed a slight revenue decline of 0.2% year-over-year, with earnings per share of $0.39 versus a consensus estimate of $0.38.
• Several analysts have upgraded their price targets for Gates Industrial stock, with UBS Group increasing their target from $27 to $30 and Royal Bank of Canada from $28 to $29, indicating strong market interest.

Rhumbline Advisers lessened its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 500,141 shares of the company's stock after selling 12,355 shares during the quarter. Rhumbline Advisers owned approximately 0.19% of Gates Industrial worth $9,208,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new position in shares of Gates Industrial in the 1st quarter valued at about $34,000. Avanza Fonder AB bought a new position in Gates Industrial in the first quarter worth about $145,000. GAMMA Investing LLC grew its holdings in shares of Gates Industrial by 81.0% during the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock valued at $168,000 after purchasing an additional 4,073 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Gates Industrial by 295.1% in the 1st 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 during the last quarter. Finally, PharVision Advisers LLC bought a new position in Gates Industrial during the 4th quarter worth $203,000. Institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Up 0.4%

Gates Industrial stock opened at $25.28 on Thursday. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $26.42. The firm's 50 day moving average price is $24.77 and its two-hundred day moving average price is $21.70. The firm has a market cap of $6.51 billion, a price-to-earnings ratio of 32.41 and a beta of 1.25. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46.

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on GTES shares. UBS Group raised their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Royal Bank Of Canada raised their target price on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. KeyCorp reiterated an "overweight" rating and set a $30.00 price target (up previously from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. 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. Finally, Industrial Alliance Securities set a $35.00 target price on shares of Gates Industrial in a research note on Monday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $28.18.

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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