Swiss National Bank Buys 18,700 Shares of Gates Industrial Corporation PLC $GTES

Key Points

• Swiss National Bank increased its holdings in Gates Industrial Corporation PLC by 3.9%, now owning approximately $9.09 million worth of shares after purchasing an additional 18,700 shares in the first quarter.
• The company's earnings per share for the last quarter was $0.39, slightly exceeding analysts' estimates, while revenue showed a 0.2% decline year-over-year.
• Analysts' price targets for Gates Industrial range from $22.00 to $30.00, with the stock currently rated as a "Moderate Buy" based on the consensus.

Swiss National Bank raised its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 3.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 493,500 shares of the company's stock after acquiring an additional 18,700 shares during the quarter. Swiss National Bank owned approximately 0.19% of Gates Industrial worth $9,085,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Gates Industrial by 540.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock worth $74,247,000 after buying an additional 3,046,064 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Gates Industrial by 30.5% in the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock valued at $127,386,000 after acquiring an additional 1,618,598 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Gates Industrial by 209.9% in the 4th quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company's stock worth $43,651,000 after acquiring an additional 1,437,281 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Gates Industrial by 278.7% in the 4th quarter. Millennium Management LLC now owns 1,316,988 shares of the company's stock worth $27,090,000 after acquiring an additional 969,263 shares in the last quarter. Finally, Interval Partners LP bought a new stake in Gates Industrial during the 4th quarter worth approximately $14,108,000. Institutional investors own 98.50% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on GTES. KeyCorp reiterated an "overweight" rating and issued a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. UBS Group raised their target price on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Royal Bank Of Canada lifted their price target on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. 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. Finally, Barclays reissued 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. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $26.67.

Gates Industrial Trading Up 0.9%

Shares of GTES stock traded up $0.2070 on Thursday, reaching $24.2770. 1,350,780 shares of the stock were exchanged, compared to its average volume of 2,075,625. 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 one year low of $14.70 and a one year high of $25.66. The stock has a market cap of $6.25 billion, a PE ratio of 31.12 and a beta of 1.24. The stock has a 50 day moving average price of $23.92 and a 200 day moving average price of $21.39.

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 (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $883.70 million for the quarter, compared to analysts' expectations of $873.34 million. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The firm's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Equities research analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Gates Industrial 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.