Royal Bank of Canada Buys 194,592 Shares of 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 raised its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 45.0% during the first 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 period. Royal Bank of Canada owned about 0.24% of Gates Industrial worth $11,541,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. SVB Wealth LLC bought a new stake in shares of Gates Industrial in the 1st quarter worth approximately $34,000. Avanza Fonder AB bought a new position in Gates Industrial in the 1st quarter worth $145,000. GAMMA Investing LLC raised its holdings in Gates Industrial by 81.0% in the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after purchasing an additional 4,073 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Gates Industrial by 295.1% in the 1st 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 period. Finally, PharVision Advisers LLC bought a new stake in shares of Gates Industrial during the 4th quarter valued at about $203,000. 98.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on GTES. UBS Group boosted their price target on Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Barclays reissued an "overweight" rating and issued a $28.00 price target (up from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. JPMorgan Chase & Co. began coverage on Gates Industrial in a research report on Monday, August 25th. They issued an "overweight" rating and a $35.00 price target on the stock. Royal Bank Of Canada boosted their price target on Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 12th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.18.

Gates Industrial Stock Performance

NYSE GTES traded down $0.08 on Wednesday, reaching $25.18. 2,725,178 shares of the stock were exchanged, compared to its average volume of 1,788,847. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year 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 has a market capitalization of $6.49 billion, a PE ratio of 32.29 and a beta of 1.25. The company's 50-day simple moving average is $24.92 and its two-hundred day simple moving average is $21.84.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping 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 business had revenue of $883.70 million during the quarter, compared to the consensus estimate of $873.34 million. During the same period in the prior year, the company posted $0.36 EPS. 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. Analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Gates Industrial Company 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.