Nuveen LLC Purchases New Position in Gates Industrial Corporation PLC $GTES

Key Points

• Nuveen LLC has invested approximately $9.78 million in Gates Industrial Corporation PLC, acquiring 531,290 shares during the first quarter.
• Gates Industrial recently reported quarterly earnings of $0.39 per share, exceeding analyst expectations and showing a slight revenue decline of 0.2% year-over-year.
• Wall Street analysts are optimistic about Gates Industrial, with ratings ranging from "Moderate Buy" to "Strong Buy" and a consensus price target of $26.67.

Nuveen LLC purchased a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 531,290 shares of the company's stock, valued at approximately $9,781,000. Nuveen LLC owned approximately 0.21% of Gates Industrial at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. GeoWealth Management LLC grew its position 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 buying an additional 789 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after purchasing an additional 567 shares during the last quarter. Avanza Fonder AB bought a new stake in Gates Industrial during the first quarter worth $145,000. GAMMA Investing LLC lifted its stake in Gates Industrial by 81.0% during the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after purchasing an additional 4,073 shares during the last quarter. Finally, Coldstream Capital Management Inc. bought a new stake in Gates Industrial during the fourth quarter worth $202,000. Institutional investors and hedge funds own 98.50% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on GTES shares. Zacks Research upgraded Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. KeyCorp restated an "overweight" rating and set a $30.00 target price (up from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. Industrial Alliance Securities set a $35.00 target price on Gates Industrial in a research note on Monday. Morgan Stanley cut their target price on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Finally, Citigroup upped their target price on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $28.18.

Gates Industrial Stock Up 0.3%

Shares of GTES traded up $0.08 during trading hours on Thursday, hitting $26.06. The stock had a trading volume of 317,577 shares, compared to its average volume of 2,264,448. 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 firm has a 50 day simple moving average of $24.22 and a 200-day simple moving average of $21.50. The firm has a market capitalization of $6.71 billion, a P/E ratio of 33.46 and a beta of 1.24. Gates Industrial Corporation PLC has a 1-year low of $14.70 and a 1-year high of $26.33.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $883.70 million during the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The firm's revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the business posted $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Sell-side analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

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.