Gates Industrial Corporation PLC $GTES Shares Bought by Granahan Investment Management LLC

Key Points

• Granahan Investment Management LLC increased its stake in Gates Industrial Corporation by 18.5%, owning 842,880 shares valued at approximately $15.5 million as of the end of the first quarter.
• Analysts have shown a positive outlook for Gates Industrial, with several firms raising their price targets, including KeyCorp and UBS Group, which now have targets of $30.00.
• Gates Industrial reported $0.39 EPS for the last quarter, surpassing estimates, and has provided guidance of 1.440-1.520 EPS for FY 2025.

Granahan Investment Management LLC grew its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 18.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 842,880 shares of the company's stock after buying an additional 131,831 shares during the quarter. Granahan Investment Management LLC owned 0.33% of Gates Industrial worth $15,517,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. EP Wealth Advisors LLC increased its position in shares of Gates Industrial by 14.2% during the first quarter. EP Wealth Advisors LLC now owns 16,524 shares of the company's stock worth $304,000 after purchasing an additional 2,056 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Gates Industrial during the first quarter worth approximately $939,000. Royal Bank of Canada increased its position in shares of Gates Industrial by 45.0% during the first quarter. Royal Bank of Canada now owns 626,865 shares of the company's stock worth $11,541,000 after purchasing an additional 194,592 shares in the last quarter. Graham Capital Management L.P. increased its position in shares of Gates Industrial by 299.8% during the first quarter. Graham Capital Management L.P. now owns 43,500 shares of the company's stock worth $801,000 after purchasing an additional 32,619 shares in the last quarter. Finally, Driehaus Capital Management LLC increased its position in shares of Gates Industrial by 4,976.3% during the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock worth $29,573,000 after purchasing an additional 1,574,701 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Stock Up 1.7%

GTES stock traded up $0.44 during mid-day trading on Wednesday, reaching $25.61. The company had a trading volume of 355,907 shares, compared to its average volume of 2,253,669. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The company has a market capitalization of $6.60 billion, a price-to-earnings ratio of 32.83 and a beta of 1.25. The firm has a fifty day simple moving average of $24.74 and a 200 day simple moving average of $21.67. 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, beating analysts' consensus estimates 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 return on equity of 10.17% and a net margin of 5.98%.Gates Industrial's revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GTES. Industrial Alliance Securities set a $35.00 target price on Gates Industrial in a report on Monday, August 25th. JPMorgan Chase & Co. began coverage on Gates Industrial in a report on Monday, August 25th. They issued an "overweight" rating and a $35.00 target price for the company. UBS Group upped their target price on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Citigroup upped their price target on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Finally, Royal Bank Of Canada upped their price target on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.