HBK Investments L P Sells 150,000 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• HBK Investments L P has reduced its stake in Gates Industrial Corporation by 42.9%, selling 150,000 shares and now owning 200,000 shares worth approximately $3.68 million.
• Fiduciary Management Inc. WI and Jennison Associates LLC are among other institutional investors that increased their holdings in Gates Industrial, reflecting strong investor interest with 98.50% of the stock owned by institutional investors.
• Several analysts have recently upgraded their ratings on Gates Industrial, with Royal Bank Of Canada and Barclays setting target prices at $29.00 and $28.00, respectively, indicating positive sentiment towards the stock.

HBK Investments L P decreased its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 42.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 200,000 shares of the company's stock after selling 150,000 shares during the quarter. HBK Investments L P owned about 0.08% of Gates Industrial worth $3,682,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Gates Industrial by 540.7% during 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 Gates Industrial by 30.5% during 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. Driehaus Capital Management LLC increased its position in 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 valued at $29,573,000 after acquiring an additional 1,574,701 shares during the last quarter. Point72 Asset Management L.P. increased its position in Gates Industrial by 209.9% during 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 acquiring an additional 1,437,281 shares during the last quarter. Finally, Millennium Management LLC increased its position in Gates Industrial by 278.7% during the fourth quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock valued at $27,090,000 after acquiring an additional 969,263 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Down 0.0%

Shares of NYSE GTES traded down $0.01 during mid-day trading on Friday, reaching $25.93. The company had a trading volume of 1,954,299 shares, compared to its average volume of 1,710,178. The business's 50-day moving average is $24.66 and its 200-day moving average is $21.65. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 33.24 and a beta of 1.25. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.42.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, topping 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 company had revenue of $883.70 million for the quarter, compared to analysts' expectations of $873.34 million. During the same period in the prior year, the business earned $0.36 EPS. The firm's quarterly revenue was down .2% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Equities analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GTES. Zacks Research upgraded shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. Barclays reiterated an "overweight" rating and set a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Citigroup boosted their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Royal Bank Of Canada boosted their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.18.

Gates Industrial Company 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.