Gates Industrial Corporation PLC $GTES Stock Position Trimmed by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Gates Industrial position by 0.4%, selling 52,295 shares in the third quarter; it retained 12.08 million shares, worth about $320.1 million.
• Institutional investors and hedge funds own 98.5% of Gates Industrial. Analyst sentiment is a “Moderate Buy,” with a consensus price target of $32.18.
• Gates Industrial reported quarterly EPS of $0.47, beating the $0.44 consensus, while revenue of $903.6 million fell slightly short of estimates but grew 5.6% year over year.

Allspring Global Investments Holdings LLC lessened its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 0.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,077,570 shares of the company's stock after selling 52,295 shares during the quarter. Allspring Global Investments Holdings LLC owned about 4.81% of Gates Industrial worth $320,056,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Gates Industrial by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 11,546,581 shares of the company's stock valued at $261,040,000 after acquiring an additional 295,706 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Gates Industrial by 3.8% in the first quarter. Janus Henderson Group PLC now owns 5,230,159 shares of the company's stock valued at $118,252,000 after purchasing an additional 193,896 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Gates Industrial by 1.7% in the first quarter. Bank of New York Mellon Corp now owns 2,346,443 shares of the company's stock valued at $53,053,000 after buying an additional 38,645 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Gates Industrial by 62.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,251,585 shares of the company's stock valued at $50,908,000 after buying an additional 868,734 shares during the period. Finally, Quantinno Capital Management LP lifted its stake in Gates Industrial by 12.3% in the first quarter. Quantinno Capital Management LP now owns 2,101,565 shares of the company's stock valued at $47,516,000 after buying an additional 230,147 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. DA Davidson reduced their price objective on shares of Gates Industrial from $29.00 to $27.00 and set a "neutral" rating on the stock in a research note on Monday, November 2nd. Robert W. Baird upped their target price on shares of Gates Industrial from $39.00 to $40.00 and gave the company an "outperform" rating in a research note on Monday, November 2nd. Wells Fargo & Company cut their target price on shares of Gates Industrial from $30.00 to $28.00 and set an "equal weight" rating on the stock in a report on Monday, November 2nd. Royal Bank Of Canada increased their target price on shares of Gates Industrial from $33.00 to $34.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Finally, Wall Street Zen cut shares of Gates Industrial from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 10th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Gates Industrial presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.18.

Gates Industrial Price Performance

Shares of GTES opened at $24.12 on Monday. The stock has a 50 day simple moving average of $25.85 and a 200 day simple moving average of $25.79. Gates Industrial Corporation PLC has a 52-week low of $20.88 and a 52-week high of $30.34. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.40 and a current ratio of 3.41. The firm has a market capitalization of $6.06 billion, a PE ratio of 16.75 and a beta of 1.33.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Friday, October 30th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.44 by $0.03. The firm had revenue of $903.60 million for the quarter, compared to the consensus estimate of $904.77 million. Gates Industrial had a net margin of 10.37% and a return on equity of 10.42%. The business's quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the company posted $0.39 EPS. Sell-side analysts predict that Gates Industrial Corporation PLC will post 1.59 EPS for the current fiscal year.

About Gates Industrial

Gates Industrial Corporation plc designs and manufactures engineered power-transmission and fluid-power solutions. Its products include belts and related components, as well as hoses and hydraulic systems used to transfer power and fluids in equipment and vehicles.

The company serves customers across a range of industrial and mobility markets, including manufacturing, construction, agriculture, transportation and energy. Its products are used in both original-equipment applications and replacement markets.

Gates traces its history to 1911, when it was established as the Gates Rubber Company in Colorado.

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