Rhumbline Advisers Has $9.21 Million Stake in Gates Industrial Corporation PLC $GTES

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 decreased its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Strs Ohio acquired a new position in shares of Gates Industrial during the 1st quarter worth $8,916,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Gates Industrial by 9.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company's stock worth $72,825,000 after purchasing an additional 346,250 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Gates Industrial during the 1st quarter worth $381,000. Dean Capital Management increased its stake in shares of Gates Industrial by 2.3% during the 1st quarter. Dean Capital Management now owns 71,196 shares of the company's stock worth $1,311,000 after purchasing an additional 1,576 shares during the last quarter. Finally, Aristeia Capital L.L.C. acquired a new position in shares of Gates Industrial during the 1st quarter worth $193,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Gates Industrial Stock Performance

NYSE GTES traded down $0.34 during midday trading on Tuesday, hitting $25.17. The company had a trading volume of 422,919 shares, compared to its average volume of 2,244,155. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of 32.30 and a beta of 1.25. The firm has a fifty day simple moving average of $24.88 and a two-hundred day simple moving average of $21.79. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $26.42.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The company 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 business's quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business posted $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Equities analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on GTES shares. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 12th. The Goldman Sachs Group increased their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Royal Bank Of Canada raised their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Citigroup raised their target price on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, UBS Group raised their target price 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. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Gates Industrial has an average rating of "Moderate Buy" and a consensus target price 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.