Royal Bank of Canada Has $11.54 Million Stock Holdings in Gates Industrial Corporation PLC $GTES

Key Points

• Royal Bank of Canada increased its stake in Gates Industrial Corporation by 45.0% during the first quarter, now holding 626,865 shares worth approximately $11.54 million.
• Gates Industrial's stock price was up 3.0% recently, with a current market cap of $6.71 billion and earnings per share (EPS) of $0.39, exceeding estimates.
• Multiple brokerages have upgraded Gates Industrial's rating, with a consensus target price increased to $28.18, highlighting a strong investment sentiment.

Royal Bank of Canada grew its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 45.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 626,865 shares of the company's stock after acquiring an additional 194,592 shares during the quarter. Royal Bank of Canada owned about 0.24% of Gates Industrial worth $11,541,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew 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 valued at $74,247,000 after buying an additional 3,046,064 shares in the last quarter. Jennison Associates LLC lifted its holdings in Gates Industrial by 30.5% during the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock worth $127,386,000 after buying an additional 1,618,598 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in Gates Industrial by 4,976.3% during the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock worth $29,573,000 after buying an additional 1,574,701 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Gates Industrial by 209.9% during the 4th quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock worth $43,651,000 after buying an additional 1,437,281 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Gates Industrial by 278.7% during the 4th quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock worth $27,090,000 after buying an additional 969,263 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Citigroup raised 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. UBS Group raised their price target on Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Zacks Research raised Gates Industrial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. KeyCorp restated an "overweight" rating and issued a $30.00 target price (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Finally, Industrial Alliance Securities set a $35.00 target price on Gates Industrial in a research report on Monday, August 25th. 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 data from MarketBeat.com, Gates Industrial currently has an average rating of "Moderate Buy" and a consensus price target of $28.18.

Gates Industrial Price Performance

Shares of NYSE GTES traded down $0.10 during mid-day trading on Monday, reaching $25.53. The company had a trading volume of 1,491,171 shares, compared to its average volume of 2,254,734. 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 stock has a market cap of $6.57 billion, a PE ratio of 32.72 and a beta of 1.25. The company has a 50-day moving average price of $24.84 and a two-hundred day moving average price of $21.76. Gates Industrial Corporation PLC has a 1-year low of $14.70 and a 1-year high of $26.42.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $883.70 million for 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 period in the previous year, the firm posted $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, equities analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share 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.