Vanguard Group Inc. Cuts Stake in Gates Industrial Corporation PLC $GTES

Key Points

• Vanguard Group Inc. owns a $450.73 million stake in Gates Industrial Corporation, having reduced its position by 1.2% in the first quarter.
• Analysts have mixed ratings on Gates Industrial, with Citigroup raising their price target from $22 to $29 and upgrading the stock to a "buy" rating.
• Gates Industrial recently reported an EPS of $0.39 for the quarter, exceeding analysts' expectations and indicating a slight decrease in revenue compared to the previous year.

Vanguard Group Inc. reduced its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 1.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,482,906 shares of the company's stock after selling 289,463 shares during the quarter. Vanguard Group Inc. owned 9.50% of Gates Industrial worth $450,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTES. Treasurer of the State of North Carolina lifted its holdings in shares of Gates Industrial by 16.2% during the fourth quarter. Treasurer of the State of North Carolina now owns 104,050 shares of the company's stock valued at $2,140,000 after purchasing an additional 14,510 shares in the last quarter. Barclays PLC increased its position in Gates Industrial by 54.8% during the fourth quarter. Barclays PLC now owns 441,734 shares of the company's stock valued at $9,088,000 after acquiring an additional 156,346 shares during the last quarter. Mariner LLC increased its position in Gates Industrial by 2.2% during the fourth quarter. Mariner LLC now owns 48,097 shares of the company's stock valued at $989,000 after acquiring an additional 1,052 shares during the last quarter. Dean Investment Associates LLC increased its position in Gates Industrial by 4.5% during the fourth quarter. Dean Investment Associates LLC now owns 126,333 shares of the company's stock valued at $2,599,000 after acquiring an additional 5,468 shares during the last quarter. Finally, Commerce Bank purchased a new stake in Gates Industrial during the fourth quarter valued at $375,000. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

GTES traded down $0.3990 during midday trading on Wednesday, reaching $24.1110. The company had a trading volume of 203,678 shares, compared to its average volume of 2,280,926. 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 has a 50-day moving average of $23.84 and a two-hundred day moving average of $21.35. The company has a market cap of $6.21 billion, a P/E ratio of 30.92 and a beta of 1.24. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $25.66.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $883.70 million during 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 business's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. As a group, equities research analysts predict that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GTES. Morgan Stanley reduced their price objective on Gates Industrial from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Royal Bank Of Canada upped their price objective on Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. UBS Group upped their price objective on Gates Industrial from $27.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. KeyCorp reiterated an "overweight" rating and set a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Finally, Citigroup upped their price objective on Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $26.67.

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.