Strs Ohio Invests $8.92 Million in Gates Industrial Corporation PLC $GTES

Key Points

• Strs Ohio has acquired a new position in Gates Industrial Corporation PLC, purchasing 484,291 shares worth approximately $8.92 million, representing 0.19% of the company's total stock.
• Gates Industrial's stock recently saw a 1.4% decline, with current pricing around $25.68 and a market cap of $6.61 billion.
• Several analysts have upgraded the stock, with Barclays setting a price target of $28.00 and Zacks Research raising its rating to "strong-buy", contributing to a consensus rating of "Moderate Buy."

Strs Ohio bought a new stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 484,291 shares of the company's stock, valued at approximately $8,916,000. Strs Ohio owned approximately 0.19% of Gates Industrial as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. SVB Wealth LLC bought a new position in Gates Industrial during the first quarter valued at about $34,000. Avanza Fonder AB bought a new position in Gates Industrial during the first quarter valued at about $145,000. GAMMA Investing LLC boosted its stake in Gates Industrial by 81.0% during the first 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. Versant Capital Management Inc boosted its stake in Gates Industrial by 295.1% during the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company's stock valued at $181,000 after buying an additional 7,359 shares in the last quarter. Finally, Aristeia Capital L.L.C. bought a new position in Gates Industrial during the first quarter valued at about $193,000. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Up 2.7%

Gates Industrial stock traded up $0.68 during mid-day trading on Thursday, hitting $25.86. The company's stock had a trading volume of 2,938,360 shares, compared to its average volume of 1,806,174. The firm's 50 day moving average is $24.94 and its 200 day moving average is $21.88. The company has a market cap of $6.66 billion, a PE ratio of 33.15 and a beta of 1.25. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $26.42.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on GTES. UBS Group increased their price target on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. 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 for the company. Royal Bank Of Canada increased 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. Industrial Alliance Securities set a $35.00 price target on Gates Industrial in a research report on Monday, August 25th. Finally, Zacks Research upgraded Gates Industrial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. One investment 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $28.18.

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.