Gates Industrial Corporation PLC $GTES Stake Raised by Bank of America Corp DE

Key Points

• Bank of America increased its Gates Industrial stake by 13.7% in the first quarter, bringing its holdings to 1.92 million shares valued at approximately $43.4 million. Institutional investors collectively own 98.5% of GTES.
• Analyst sentiment remains positive: nine analysts rate the stock a Buy and three rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $33, above the reported $27.89 share price.
• Gates Industrial exceeded quarterly expectations, reporting $0.44 in EPS versus $0.42 expected and revenue of $941.6 million versus $927.3 million expected. Revenue rose 6.6% year over year, while full-year 2026 EPS guidance stands at $1.62–$1.70.

Bank of America Corp DE lifted its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 13.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,920,689 shares of the company's stock after buying an additional 230,836 shares during the period. Bank of America Corp DE owned approximately 0.76% of Gates Industrial worth $43,427,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in Gates Industrial by 3.8% during the 1st quarter. Janus Henderson Group PLC now owns 5,230,159 shares of the company's stock valued at $118,252,000 after acquiring an additional 193,896 shares in the last quarter. Bull Harbor Capital LLC acquired a new position in Gates Industrial during the 1st quarter worth $224,000. Amundi grew its stake in shares of Gates Industrial by 52.0% in the first quarter. Amundi now owns 91,652 shares of the company's stock worth $2,072,000 after purchasing an additional 31,371 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Gates Industrial by 24.2% in the first quarter. California State Teachers Retirement System now owns 303,123 shares of the company's stock worth $6,854,000 after purchasing an additional 58,990 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Gates Industrial by 41.9% during the first quarter. Empowered Funds LLC now owns 20,455 shares of the company's stock valued at $462,000 after purchasing an additional 6,036 shares during the period. 98.50% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Peifang Zhang sold 6,000 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $29.56, for a total transaction of $177,360.00. Following the completion of the transaction, the director owned 44,044 shares in the company, valued at approximately $1,301,940.64. This trade represents a 11.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GTES. Citigroup lifted their price objective on shares of Gates Industrial from $33.00 to $35.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Robert W. Baird increased their target price on shares of Gates Industrial from $37.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Wall Street Zen raised shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Morgan Stanley boosted their price target 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. Finally, KeyCorp upped their price target on shares of Gates Industrial from $31.00 to $34.00 and gave the stock an "overweight" rating in a research note on Monday, August 3rd. Nine analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $33.00.

Gates Industrial Stock Down 1.9%

GTES opened at $27.89 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.36 and a current ratio of 3.24. The company has a market capitalization of $7.06 billion, a PE ratio of 19.78 and a beta of 1.25. The stock's fifty day moving average is $27.19 and its 200-day moving average is $25.73. Gates Industrial Corporation PLC has a one year low of $20.88 and a one year high of $30.34.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The business had revenue of $941.60 million during the quarter, compared to analysts' expectations of $927.28 million. Gates Industrial had a return on equity of 10.11% and a net margin of 10.37%.The company's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $0.39 earnings per share. Gates Industrial has set its FY 2026 guidance at 1.620-1.700 EPS. On average, equities analysts predict that Gates Industrial Corporation PLC will post 1.53 EPS for the current fiscal year.

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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