State of Alaska Department of Revenue Raises Holdings in Gates Industrial Corporation PLC $GTES

Key Points

• The State of Alaska Department of Revenue increased its stake in Gates Industrial Corporation PLC by 5.8% during the second quarter, owning approximately 0.08% of the company valued at $4.5 million.
• Research analysts have generally rated Gates Industrial positively, with most reports indicating a Moderate Buy consensus and price targets ranging from $28 to $35.
• Gates Industrial reported $0.39 earnings per share for the last quarter, slightly above analyst expectations, with revenue of $883.70 million, lower than prior year revenue by 0.2%.

State of Alaska Department of Revenue lifted its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 5.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 195,499 shares of the company's stock after purchasing an additional 10,715 shares during the period. State of Alaska Department of Revenue owned about 0.08% of Gates Industrial worth $4,501,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. SVB Wealth LLC purchased a new position in Gates Industrial during the 1st quarter worth approximately $34,000. Steph & Co. acquired a new stake in shares of Gates Industrial in the second quarter valued at approximately $70,000. Avanza Fonder AB purchased a new position in shares of Gates Industrial during the first quarter worth approximately $145,000. Aaron Wealth Advisors LLC acquired a new position in shares of Gates Industrial in the 2nd quarter valued at $205,000. Finally, GAMMA Investing LLC raised 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 valued at $168,000 after purchasing an additional 4,073 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GTES shares. JPMorgan Chase & Co. began coverage on shares of Gates Industrial in a research report on Monday, August 25th. They set an "overweight" rating and a $35.00 price objective on the stock. Wall Street Zen downgraded shares of Gates Industrial from a "strong-buy" rating to a "buy" rating in a research note on Friday. Royal Bank Of Canada boosted their price target on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Barclays reaffirmed an "overweight" rating and set a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Finally, Zacks Research upgraded Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. One 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.18.

Gates Industrial Stock Performance

Shares of GTES stock opened at $24.79 on Tuesday. The company has a market cap of $6.39 billion, a price-to-earnings ratio of 31.79 and a beta of 1.25. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $26.42. The stock has a 50 day simple moving average of $25.01 and a 200-day simple moving average of $22.18. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66.

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 analysts' consensus estimates of $0.38 by $0.01. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The business had revenue of $883.70 million for the quarter, compared to analysts' expectations of $873.34 million. During the same period in the prior year, the company posted $0.36 EPS. The business's revenue for the quarter was down .2% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, equities 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.

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