Raymond James Financial Inc. Reduces Holdings in Gates Industrial Corporation PLC $GTES

Key Points

• Raymond James Financial Inc. decreased its holdings in Gates Industrial Corporation PLC by 3.5%, now owning approximately 0.77% of the company with a valuation of $36.35 million.
• Gates Industrial reported earnings of $0.39 per share in its latest quarter, exceeding analysts' estimates, while its revenue was slightly down year-over-year.
• KeyCorp has raised its target price for Gates Industrial shares from $26.00 to $30.00, indicating a strong bullish sentiment among analysts.

Raymond James Financial Inc. lowered its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 3.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,974,474 shares of the company's stock after selling 71,203 shares during the period. Raymond James Financial Inc. owned 0.77% of Gates Industrial worth $36,350,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTES. Jennison Associates LLC increased 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 worth $127,386,000 after acquiring an additional 1,618,598 shares during the period. Janus Henderson Group PLC increased its stake in shares of Gates Industrial by 1.3% in the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock worth $135,145,000 after acquiring an additional 85,253 shares during the period. American Century Companies Inc. increased 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 worth $114,150,000 after acquiring an additional 743,468 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock worth $74,247,000 after acquiring an additional 3,046,064 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Gates Industrial by 20.6% in the fourth quarter. Ameriprise Financial Inc. now owns 2,742,461 shares of the company's stock worth $56,412,000 after acquiring an additional 467,810 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. UBS Group raised their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Zacks Research upgraded shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. KeyCorp restated an "overweight" rating and set a $30.00 price target (up previously from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Royal Bank Of Canada increased their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, The Goldman Sachs Group increased their price objective on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. 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.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $28.18.

Gates Industrial Price Performance

Shares of NYSE:GTES traded up $0.14 during midday trading on Thursday, hitting $26.12. The company's stock had a trading volume of 1,026,443 shares, compared to its average volume of 2,269,262. The business's 50 day simple moving average is $24.22 and its 200 day simple moving average is $21.50. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The company has a market cap of $6.73 billion, a P/E ratio of 33.48 and a beta of 1.24. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month 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, topping analysts' consensus estimates of $0.38 by $0.01. The company had revenue of $883.70 million for the quarter, compared to the consensus estimate of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. Gates Industrial's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

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.