Gates Industrial Corporation PLC $GTES Stake Boosted by Oliver Luxxe Assets LLC

Key Points

• Oliver Luxxe Assets LLC increased its holdings in Gates Industrial Corporation PLC by 25.1% in the first quarter, now owning 101,299 shares valued at $1.865 million.
• Gates Industrial's stock traded up 4.0%, with a 52-week range between $14.70 and $25.66 and a current market cap of $6.51 billion.
• Analysts have mixed ratings on the stock, with an average consensus rating of "Moderate Buy" and a target price of $26.67.

Oliver Luxxe Assets LLC increased its holdings in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 25.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,299 shares of the company's stock after buying an additional 20,335 shares during the period. Oliver Luxxe Assets LLC's holdings in Gates Industrial were worth $1,865,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. GeoWealth Management LLC raised 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 acquiring an additional 789 shares during the last quarter. SVB Wealth LLC purchased a new position in Gates Industrial during the first quarter worth $34,000. MetLife Investment Management LLC raised its holdings in shares of Gates Industrial by 15.8% in the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after acquiring an additional 567 shares during the last quarter. Avanza Fonder AB purchased a new stake in shares of Gates Industrial in the first quarter valued at $145,000. Finally, GAMMA Investing LLC boosted its stake in shares of Gates Industrial by 81.0% during the 1st 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. 98.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Morgan Stanley dropped their price target on shares of Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Zacks Research upgraded shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. Barclays reaffirmed an "overweight" rating and set a $28.00 price target (up from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. KeyCorp reiterated an "overweight" rating and set a $30.00 target price (up from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. Finally, Royal Bank Of Canada upped their price target on Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.18.

Gates Industrial Stock Performance

Shares of NYSE:GTES traded up $0.13 during trading on Thursday, hitting $26.11. 1,860,751 shares of the company traded hands, compared to its average volume of 2,274,563. The stock has a market capitalization of $6.73 billion, a price-to-earnings ratio of 33.48 and a beta of 1.24. The business's fifty day moving average is $24.22 and its 200-day moving average is $21.50. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.33.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $883.70 million during 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 company's quarterly revenue was down .2% on a year-over-year basis. During the same quarter last year, the business posted $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, equities analysts predict that Gates Industrial Corporation PLC will post 1.36 earnings per share 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.