Shellback Capital LP Acquires Shares of 918,291 Gates Industrial Corporation PLC $GTES

Key Points

• Shellback Capital LP invested approximately $16.91 million in Gates Industrial Corporation, purchasing 918,291 shares, which makes up 1.6% of its investment portfolio.
• Several institutional investors increased their holdings in Gates Industrial, with BNP Paribas Financial Markets boosting its stake by 113.1% in the last quarter.
• Analysts have a consensus rating of "Moderate Buy" for Gates Industrial, with a current target price averaging $28.18 per share, following multiple upgrades from various institutions.

Shellback Capital LP bought a new position in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 918,291 shares of the company's stock, valued at approximately $16,906,000. Gates Industrial comprises 1.6% of Shellback Capital LP's portfolio, making the stock its 25th biggest position. Shellback Capital LP owned 0.36% of Gates Industrial at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GTES. MetLife Investment Management LLC lifted its holdings in shares of 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 acquiring an additional 567 shares during the last quarter. Northern Trust Corp lifted its holdings in Gates Industrial by 29.5% during the 4th quarter. Northern Trust Corp now owns 1,485,723 shares of the company's stock valued at $30,561,000 after buying an additional 338,619 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in Gates Industrial by 15.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 34,309 shares of the company's stock valued at $706,000 after buying an additional 4,655 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Gates Industrial by 20.6% during the 4th quarter. Ameriprise Financial Inc. now owns 2,742,461 shares of the company's stock valued at $56,412,000 after buying an additional 467,810 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Gates Industrial by 113.1% during the 4th quarter. BNP Paribas Financial Markets now owns 14,591 shares of the company's stock valued at $300,000 after buying an additional 7,745 shares in the last quarter. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Down 0.6%

Shares of Gates Industrial stock traded down $0.15 on Friday, reaching $25.91. The stock had a trading volume of 927,971 shares, compared to its average volume of 2,253,229. The company has a 50 day moving average price of $24.81 and a 200 day moving average price of $21.73. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $26.42. The stock has a market capitalization of $6.67 billion, a P/E ratio of 33.21 and a beta of 1.25.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data 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 firm 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%. The company's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, equities research analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GTES shares. Zacks Research upgraded shares of Gates Industrial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. KeyCorp reiterated an "overweight" rating and set a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. Barclays reiterated an "overweight" rating and set a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. JPMorgan Chase & Co. started coverage on shares of Gates Industrial in a report on Monday, August 25th. They set an "overweight" rating and a $35.00 price objective for the company. Finally, UBS Group lifted their price objective on shares of Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Gates Industrial has a consensus rating of "Moderate Buy" and an average price target of $28.18.

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.