Russell Investments Group Ltd. Buys 56,548 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• Russell Investments Group Ltd. increased its stake in Gates Industrial Corporation by 206.8% during the first quarter, acquiring an additional 56,548 shares to own a total of 83,898 shares valued at approximately $1.545 million.
• Several hedge funds have participated in raising their stakes in Gates Industrial, with Wealth Enhancement Advisory Services increasing its holdings by 4.6% and GAMMA Investing LLC boosting theirs by 81.0% during the same period.
• Gates Industrial's recent earnings report indicated an EPS of $0.39, exceeding the consensus estimate of $0.38, with revenues of $883.70 million for the quarter, up from last year.

Russell Investments Group Ltd. grew its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 206.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,898 shares of the company's stock after purchasing an additional 56,548 shares during the period. Russell Investments Group Ltd.'s holdings in Gates Industrial were worth $1,545,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of GTES. MetLife Investment Management LLC grew its position in Gates Industrial by 15.8% in the 4th quarter. MetLife Investment Management LLC now owns 4,157 shares of the company's stock worth $86,000 after purchasing an additional 567 shares during the last quarter. Avanza Fonder AB acquired a new stake in Gates Industrial in the 1st quarter worth $145,000. GAMMA Investing LLC grew its position 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 during the last quarter. Versant Capital Management Inc grew its position in 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 last quarter. Finally, Coldstream Capital Management Inc. acquired a new stake in Gates Industrial in the 4th quarter worth $202,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GTES. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 12th. Citigroup lifted their target price on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Zacks Research upgraded shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. Royal Bank Of Canada lifted their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group lifted their target price on shares of Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $28.18.

Gates Industrial Price Performance

NYSE:GTES traded down $0.47 on Tuesday, reaching $25.10. The stock had a trading volume of 2,622,854 shares, compared to its average volume of 1,684,599. The company has a market capitalization of $6.46 billion, a P/E ratio of 32.17 and a beta of 1.25. Gates Industrial Corporation PLC has a 1-year low of $14.70 and a 1-year high of $26.33. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. The stock has a fifty day moving average price of $24.49 and a 200-day moving average price of $21.58.

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