Public Employees Retirement System of Ohio Acquires 11,775 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Gates Industrial Corporation by 16.2% in the second quarter, acquiring an additional 11,775 shares for a total of 84,635 shares valued at approximately $1.95 million.
• Analysts have increased their price targets for Gates Industrial, with Barclays raising it to $28.00 and JPMorgan setting a target of $35.00, reflecting a generally positive outlook with an average rating of "Moderate Buy."
• Gates Industrial's recent earnings report showed a slight revenue decline, yet it exceeded analysts' EPS expectations, reporting $0.39 versus the expected $0.38.

Public Employees Retirement System of Ohio raised its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 16.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 84,635 shares of the company's stock after acquiring an additional 11,775 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Gates Industrial were worth $1,949,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Fiduciary Management Inc. WI grew its stake in shares of Gates Industrial by 0.6% during the 1st quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company's stock worth $133,774,000 after acquiring an additional 41,541 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Gates Industrial by 30.5% in the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock valued at $127,386,000 after buying an additional 1,618,598 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Gates Industrial by 13.6% in the first quarter. American Century Companies Inc. now owns 6,200,432 shares of the company's stock valued at $114,150,000 after buying an additional 743,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Gates Industrial by 9.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company's stock valued at $72,825,000 after buying an additional 346,250 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its stake in shares of Gates Industrial by 4,976.3% in the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock valued at $29,573,000 after buying an additional 1,574,701 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GTES. Barclays reissued an "overweight" rating and issued a $28.00 target price (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Royal Bank Of Canada raised their price target on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a report on Saturday. JPMorgan Chase & Co. started coverage on Gates Industrial in a report on Monday, August 25th. They set an "overweight" rating and a $35.00 price target for the company. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Gates Industrial in a report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.18.

Gates Industrial Stock Performance

Shares of GTES stock opened at $25.75 on Friday. The business's 50 day simple moving average is $25.04 and its 200 day simple moving average is $22.30. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.42. The stock has a market capitalization of $6.63 billion, a PE ratio of 33.02 and a beta of 1.25. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46.

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

About Gates Industrial

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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