LPL Financial LLC Acquires 24,356 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• LPL Financial LLC increased its stake in Gates Industrial Corporation PLC by 15.7%, owning a total of 179,272 shares valued at approximately $3.3 million as per its latest SEC filing.
• Gates Industrial reported a net margin of 5.98% for its recent quarter, with a quarterly revenue of $883.7 million, slightly down 0.2% year-over-year.
• Several analysts have increased their target price for Gates Industrial, with a consensus target price now at $26.67, indicating a generally positive outlook for the stock.

LPL Financial LLC boosted its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 15.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 179,272 shares of the company's stock after buying an additional 24,356 shares during the period. LPL Financial LLC owned approximately 0.07% of Gates Industrial worth $3,300,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. GeoWealth Management LLC lifted its stake in Gates Industrial by 187.4% during the fourth quarter. GeoWealth Management LLC now owns 1,210 shares of the company's stock worth $25,000 after purchasing an additional 789 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after buying an additional 567 shares during the period. Avanza Fonder AB purchased a new position in shares of Gates Industrial in the first quarter worth about $145,000. GAMMA Investing LLC increased its holdings in shares of Gates Industrial by 81.0% in the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after buying an additional 4,073 shares during the period. Finally, Versant Capital Management Inc increased its holdings in shares of Gates Industrial by 295.1% in the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company's stock worth $181,000 after buying an additional 7,359 shares during the period. Institutional investors own 98.50% of the company's stock.

Gates Industrial Price Performance

Shares of GTES traded down $0.4450 during midday trading on Wednesday, hitting $24.0650. 701,739 shares of the company traded hands, compared to its average volume of 2,284,040. The firm has a 50 day moving average of $23.84 and a 200-day moving average of $21.35. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $25.66. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of 30.83 and a beta of 1.24. 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 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The business had revenue of $883.70 million during the quarter, compared to the consensus estimate of $873.34 million. During the same quarter in the prior year, the firm earned $0.36 EPS. The business's revenue was down .2% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Royal Bank Of Canada boosted their price target on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Barclays reissued an "overweight" rating and issued a $28.00 price target (up from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Citigroup boosted their price target on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Morgan Stanley lowered their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Finally, 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. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $26.67.

Gates Industrial Profile

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.