Pallas Capital Advisors LLC Acquires Shares of 10,199 Gates Industrial Corporation PLC $GTES

Key Points

• Pallas Capital Advisors LLC has acquired 10,199 shares of Gates Industrial Corporation PLC ($GTES), valued at approximately $235,000, during the 2nd quarter of 2023.
• Analysts have upgraded Gates Industrial's stock ratings, with Citigroup raising its price target from $22.00 to $29.00 and multiple firms issuing "buy" ratings.
• The company reported earnings of $0.39 per share for the latest quarter, exceeding analyst expectations and showing revenue of $883.70 million despite a slight year-over-year decline.

Pallas Capital Advisors LLC bought a new position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,199 shares of the company's stock, valued at approximately $235,000.

Other institutional investors have also added to or reduced their stakes in the company. SVB Wealth LLC purchased a new position in shares of Gates Industrial during the 1st quarter worth about $34,000. Avanza Fonder AB bought a new stake in Gates Industrial in the first quarter worth about $145,000. Aaron Wealth Advisors LLC bought a new stake in Gates Industrial in the second quarter worth about $205,000. GAMMA Investing LLC lifted its stake in Gates Industrial by 81.0% in 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, Versant Capital Management Inc lifted its stake in Gates Industrial by 295.1% in the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company's stock worth $181,000 after purchasing an additional 7,359 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Up 1.1%

Shares of Gates Industrial stock opened at $25.57 on Tuesday. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $26.42. 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 firm's 50-day moving average price is $24.98 and its 200 day moving average price is $21.98. The firm has a market capitalization of $6.59 billion, a PE ratio of 32.79 and a beta of 1.25.

Gates Industrial (NYSE:GTES - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The company had revenue of $883.70 million for the quarter, compared to analyst estimates of $873.34 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. The firm's revenue for the quarter was down .2% compared to the same quarter last year. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, sell-side analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GTES. Citigroup increased their price target on Gates Industrial from $22.00 to $29.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Barclays reaffirmed an "overweight" rating and issued a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Royal Bank Of Canada boosted their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Industrial Alliance Securities set a $35.00 target price on shares of Gates Industrial in a research note on Monday, August 25th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Gates Industrial in a report on Monday, August 25th. They set an "overweight" rating and a $35.00 price objective for the company. One 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.18.

Gates Industrial 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.

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