American Century Companies Inc. Purchases 743,468 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• American Century Companies Inc. increased its stake in Gates Industrial Corporation by 13.6%, now holding over 6.2 million shares valued at approximately $114 million.
• Gates Industrial reported a quarterly earnings per share (EPS) of $0.39, surpassing expectations, with revenues of $883.7 million, slightly below last year's figures.
• Analysts show a mixed sentiment on Gates Industrial's stock, with a range of price targets, including a raise to $30.00 from KeyCorp, while Morgan Stanley lowered its target to $22.00.

American Century Companies Inc. lifted its position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 13.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,200,432 shares of the company's stock after purchasing an additional 743,468 shares during the quarter. American Century Companies Inc. owned 2.41% of Gates Industrial worth $114,150,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock valued at $74,247,000 after purchasing an additional 3,046,064 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Gates Industrial by 30.5% in the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock valued at $127,386,000 after purchasing an additional 1,618,598 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Gates Industrial by 209.9% in the fourth quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock valued at $43,651,000 after purchasing an additional 1,437,281 shares in the last quarter. Millennium Management LLC raised its stake in shares of Gates Industrial by 278.7% in the fourth quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock valued at $27,090,000 after purchasing an additional 969,263 shares in the last quarter. Finally, Interval Partners LP acquired a new position in shares of Gates Industrial in the fourth quarter valued at $14,108,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Shares of GTES stock traded up $0.99 during trading hours on Friday, hitting $25.28. 454,444 shares of the company's stock were exchanged, compared to its average volume of 2,277,150. The stock's 50-day moving average is $23.92 and its 200-day moving average is $21.39. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The stock has a market cap of $6.51 billion, a price-to-earnings ratio of 32.41 and a beta of 1.24. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $25.66.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.39 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 analysts' expectations of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The business's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, research analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Analysts Set New Price Targets

GTES has been the subject of a number of recent research reports. Barclays restated an "overweight" rating and issued a $28.00 target price (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Royal Bank Of Canada increased their price objective on Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. The Goldman Sachs Group increased their price objective on Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. UBS Group increased their price objective on Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, Zacks Research upgraded Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Gates Industrial has an average rating of "Moderate Buy" and a consensus target price of $26.67.

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.