London Co. of Virginia Lowers Holdings in Gates Industrial Corporation PLC $GTES

Key Points

• London Co. of Virginia cut its stake in Gates Industrial by 3.1% in the first quarter, selling 44,351 shares and ending with 1,367,486 shares valued at about $30.9 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 98.5% of the company; several large investors, including JPMorgan Chase and Allspring, increased their positions.
• Analysts remain cautiously positive on GTES, with a consensus rating of “Moderate Buy” and an average price target of $31.36, even as some firms trimmed their targets or ratings.

London Co. of Virginia decreased its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,367,486 shares of the company's stock after selling 44,351 shares during the quarter. London Co. of Virginia owned about 0.54% of Gates Industrial worth $30,919,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its holdings in shares of Gates Industrial by 5.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 14,169,457 shares of the company's stock worth $312,578,000 after purchasing an additional 717,353 shares during the period. Dimensional Fund Advisors LP raised its holdings in Gates Industrial by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 11,546,581 shares of the company's stock valued at $261,040,000 after buying an additional 295,706 shares during the period. JPMorgan Chase & Co. raised its holdings in Gates Industrial by 98.7% in the 4th quarter. JPMorgan Chase & Co. now owns 8,373,294 shares of the company's stock valued at $179,775,000 after buying an additional 4,158,341 shares during the period. Invesco Ltd. lifted its position in Gates Industrial by 5.9% in the fourth quarter. Invesco Ltd. now owns 8,322,654 shares of the company's stock valued at $178,687,000 after buying an additional 461,160 shares during the last quarter. Finally, State Street Corp lifted its position in Gates Industrial by 3.0% in the fourth quarter. State Street Corp now owns 7,971,572 shares of the company's stock valued at $171,150,000 after buying an additional 232,447 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

GTES has been the subject of a number of recent analyst reports. Robert W. Baird dropped their price target on shares of Gates Industrial from $39.00 to $37.00 and set an "outperform" rating for the company in a research report on Monday, May 4th. Morgan Stanley upped their price objective on shares of Gates Industrial from $27.00 to $28.00 and gave the stock an "equal weight" rating in a report on Friday, May 29th. Wolfe Research reaffirmed an "outperform" rating and set a $33.00 price objective on shares of Gates Industrial in a research report on Thursday, July 9th. Wall Street Zen cut shares of Gates Industrial from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Barclays dropped their target price on shares of Gates Industrial from $32.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday, April 1st. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $31.36.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $26.89 on Friday. The business has a 50-day simple moving average of $26.47 and a 200-day simple moving average of $25.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.66 and a current ratio of 3.67. Gates Industrial Corporation PLC has a one year low of $20.88 and a one year high of $29.17. The company has a market cap of $6.83 billion, a PE ratio of 28.01 and a beta of 1.25.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Friday, May 1st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.03. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The firm had revenue of $851.10 million for the quarter, compared to analysts' expectations of $859.72 million. During the same quarter last year, the company earned $0.36 earnings per share. The firm's revenue was up .4% compared to the same quarter last year. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. On average, equities research analysts forecast that Gates Industrial Corporation PLC will post 1.53 EPS for the current fiscal year.

About Gates Industrial

Gates Industrial Corporation PLC NYSE: GTES is a leading global manufacturer of engineered power transmission belts and fluid power products. The company's portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.

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