UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Has $72.83 Million Position in Gates Industrial Corporation PLC $GTES

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 increased its position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,955,721 shares of the company's stock after purchasing an additional 346,250 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 1.53% of Gates Industrial worth $72,825,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Gates Industrial by 4.6% in the first 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 increased its holdings in shares of Gates Industrial by 81.0% in 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. QRG Capital Management Inc. increased its holdings in shares of Gates Industrial by 4.5% in the first 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. increased its holdings in shares of Gates Industrial by 1.3% in the first 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. increased its holdings in shares of Gates Industrial by 15.5% in the first 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. Institutional investors own 98.50% of the company's stock.

Gates Industrial Stock Performance

Gates Industrial stock traded up $0.68 on Thursday, reaching $25.86. 2,938,360 shares of the stock were exchanged, compared to its average volume of 1,806,174. The firm has a fifty day moving average price of $24.94 and a two-hundred day moving average price of $21.88. The stock has a market cap of $6.66 billion, a PE ratio of 33.15 and a beta of 1.25. 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 Corporation PLC has a twelve month low of $14.70 and a twelve month 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 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $873.34 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. The firm'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. Sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. KeyCorp reiterated an "overweight" rating and set a $30.00 price objective (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Royal Bank Of Canada lifted their price objective on shares of Gates Industrial from $28.00 to $29.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. UBS Group lifted their price objective on shares of Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Industrial Alliance Securities set a $35.00 price objective on shares of Gates Industrial in a research report on Monday, August 25th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.