Gates Industrial Corporation PLC $GTES Shares Bought by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS Asset Management increased its stake in Gates Industrial Corporation PLC by 9.6%, purchasing an additional 346,250 shares, resulting in a total ownership of 3,955,721 shares valued at approximately $72.8 million.
• Analyst ratings are positive, with KeyCorp and JPMorgan Chase & Co. both issuing "overweight" ratings and target prices rising to $30.00 and $35.00 respectively.
• Gates Industrial reported earnings of $0.39 per share, exceeding expectations, with a revenue of $883.70 million for the quarter, slightly down 0.2% from the previous year.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 9.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,955,721 shares of the company's stock after buying an additional 346,250 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 1.53% of Gates Industrial worth $72,825,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GTES. Fiduciary Management Inc. WI grew its position in Gates Industrial by 0.6% during the 1st quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company's stock valued at $133,774,000 after purchasing an additional 41,541 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Gates Industrial by 30.5% during the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company's stock worth $127,386,000 after purchasing an additional 1,618,598 shares during the last quarter. American Century Companies Inc. raised its stake in Gates Industrial by 13.6% in the first quarter. American Century Companies Inc. now owns 6,200,432 shares of the company's stock valued at $114,150,000 after buying an additional 743,468 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in Gates Industrial by 4,976.3% in the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock valued at $29,573,000 after purchasing an additional 1,574,701 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Gates Industrial by 2.9% in the first quarter. Northern Trust Corp now owns 1,528,939 shares of the company's stock valued at $28,148,000 after acquiring an additional 43,216 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

NYSE GTES traded down $0.10 during trading hours on Monday, reaching $25.53. 1,491,171 shares of the company were exchanged, compared to its average volume of 1,768,266. The stock has a market capitalization of $6.57 billion, a P/E ratio of 32.72 and a beta of 1.25. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66. The business's 50 day simple moving average is $24.88 and its 200-day simple moving average is $21.79. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $26.42.

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, beating analysts' consensus estimates of $0.38 by $0.01. The business 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 period in the previous year, the firm earned $0.36 EPS. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. On average, equities research analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GTES shares. Industrial Alliance Securities set a $35.00 price objective on Gates Industrial in a research report on Monday, August 25th. Royal Bank Of Canada raised their target price on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. The Goldman Sachs Group lifted their price target on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. JPMorgan Chase & Co. assumed coverage on shares of Gates Industrial in a research note on Monday, August 25th. They set an "overweight" rating and a $35.00 target price on the stock. Finally, Wall Street Zen raised shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.18.

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.