State of Wyoming Purchases 15,540 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• The State of Wyoming increased its holdings in Gates Industrial Corporation PLC by 125.8%, acquiring an additional 15,540 shares to reach a total of 27,889 shares worth approximately $513,000.
• Analysts have shown strong support for Gates Industrial, raising its ratings to "strong-buy" and adjusting price targets, with JPMorgan Chase setting a target of $35.00.
• Gates Industrial reported a 12-month high stock price of $26.33 and earnings per share of $0.39, surpassing estimates during its last earnings report.

State of Wyoming increased its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 125.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,889 shares of the company's stock after purchasing an additional 15,540 shares during the period. State of Wyoming's holdings in Gates Industrial were worth $513,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of GTES. Wealth Enhancement Advisory Services LLC boosted its stake in Gates Industrial by 4.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company's stock valued at $767,000 after buying an additional 1,845 shares in the last quarter. GAMMA Investing LLC boosted its stake 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 buying an additional 4,073 shares in the last quarter. QRG Capital Management Inc. boosted its stake in Gates Industrial by 4.5% in the 1st quarter. QRG Capital Management Inc. now owns 38,085 shares of the company's stock valued at $701,000 after buying an additional 1,626 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Gates Industrial by 1.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company's stock valued at $1,443,000 after buying an additional 1,015 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Gates Industrial by 15.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company's stock valued at $2,227,000 after buying an additional 16,224 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 12th. Zacks Research raised Gates Industrial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. Barclays reissued an "overweight" rating and issued a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. JPMorgan Chase & Co. started coverage on Gates Industrial in a research note on Monday, August 25th. They issued an "overweight" rating and a $35.00 price objective on the stock. Finally, Industrial Alliance Securities set a $35.00 price objective on Gates Industrial in a research note on Monday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $28.18.

Gates Industrial Trading Down 2.3%

Shares of GTES opened at $25.53 on Friday. 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 12-month low of $14.70 and a 12-month high of $26.33. The firm has a market capitalization of $6.58 billion, a PE ratio of 32.74 and a beta of 1.24. The stock's fifty day simple moving average is $24.38 and its 200-day simple moving average is $21.54.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $873.34 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. 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. As a group, research analysts predict that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current 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.

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