Renaissance Technologies LLC Increases Stock Holdings in Gates Industrial Corporation PLC $GTES

Renaissance Technologies LLC increased its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 20.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 365,100 shares of the company's stock after purchasing an additional 61,400 shares during the quarter. Renaissance Technologies LLC owned 0.14% of Gates Industrial worth $8,255,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Los Angeles Capital Management LLC purchased a new position in Gates Industrial during the fourth quarter worth $26,000. Transamerica Financial Advisors LLC raised its stake in shares of Gates Industrial by 51.9% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,577 shares of the company's stock valued at $34,000 after acquiring an additional 539 shares during the period. Fifth Third Bancorp raised its stake in shares of Gates Industrial by 46.3% in the first quarter. Fifth Third Bancorp now owns 1,624 shares of the company's stock valued at $37,000 after acquiring an additional 514 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Gates Industrial by 37.7% in the 1st quarter. Parallel Advisors LLC now owns 2,536 shares of the company's stock worth $57,000 after acquiring an additional 694 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Gates Industrial by 273.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company's stock worth $67,000 after acquiring an additional 2,131 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company's stock.

Gates Industrial Trading Up 4.9%

NYSE GTES opened at $29.36 on Tuesday. The stock has a market cap of $7.46 billion, a PE ratio of 20.82 and a beta of 1.25. Gates Industrial Corporation PLC has a 12 month low of $20.88 and a 12 month high of $29.40. The company's 50-day moving average price is $26.80 and its 200-day moving average price is $25.45. The company has a current ratio of 3.24, a quick ratio of 2.36 and a debt-to-equity ratio of 0.58.

Gates Industrial (NYSE:GTES - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $941.60 million during the quarter, compared to analyst estimates of $927.28 million. Gates Industrial had a net margin of 10.37% and a return on equity of 10.11%. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $0.39 EPS. Gates Industrial has set its FY 2026 guidance at 1.620-1.700 EPS. Equities research analysts forecast that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently commented on GTES. Citigroup upped their price target on shares of Gates Industrial from $33.00 to $35.00 and gave the company a "buy" rating in a report on Monday. Royal Bank Of Canada raised their price objective on shares of Gates Industrial from $33.00 to $34.00 and gave the stock an "outperform" rating in a research note on Monday. Robert W. Baird boosted their target price on Gates Industrial from $37.00 to $39.00 and gave the company an "outperform" rating in a research report on Monday. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Gates Industrial in a research note on Monday, June 29th. Finally, Wall Street Zen downgraded Gates Industrial from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

Key Headlines Impacting Gates Industrial

Here are the key news stories impacting Gates Industrial this week:

• Positive Sentiment: Strong quarterly results and raised guidance: Gates reported second-quarter earnings of $0.44 per share, exceeding the $0.42 consensus estimate, while revenue of $941.6 million surpassed expectations of $927.3 million. Revenue increased 6.6% year over year, and the company raised its FY2026 EPS guidance to $1.62-$1.70. These Analysts Boost Their Forecasts On Gates Industrial After Better-Than-Expected Q2 Earnings
• Positive Sentiment: JPMorgan raised its outlook: JPMorgan Chase increased its price target from $32 to $34 and upgraded or maintained an “overweight” rating, signaling confidence in Gates’ earnings momentum and future performance. Benzinga
• Positive Sentiment: RBC increased its target: Royal Bank of Canada raised its price target from $33 to $34 and maintained an “outperform” rating, adding to the bullish analyst sentiment following the quarterly report. Benzinga
• Positive Sentiment: Baird sees substantial upside: Robert W. Baird lifted its price target from $37 to $39 and retained an “outperform” rating, implying the most optimistic valuation among the reported analyst updates. Benzinga
• Neutral Sentiment: Wells Fargo raised its target but remained cautious: Wells Fargo increased its price target from $26 to $30 while keeping an “equal weight” rating, indicating limited near-term valuation upside compared with the more bullish firms. Benzinga

About Gates Industrial

Gates Industrial Corporation PLC NYSE: GTES is a leading global manufacturer of engineered power transmission belts and fluid power products. The company's portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.

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