Venturi Wealth Management LLC Purchases Shares of 10,270 Gates Industrial Corporation PLC $GTES

Key Points

• Venturi Wealth Management LLC has acquired 10,270 shares of Gates Industrial Corporation PLC, valued at approximately $237,000, during the second quarter.
• Gates Industrial has received various upgrades from analysts, including a strong-buy rating from Wall Street Zen and a price target increase to $29.00 by Citigroup.
• The company's most recent quarterly earnings report showed earnings of $0.39 per share, exceeding analysts' expectations and indicating a revenue of $883.70 million.

Venturi Wealth Management LLC bought a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 10,270 shares of the company's stock, valued at approximately $237,000.

A number of other large investors also recently modified their holdings of the stock. Fiduciary Management Inc. WI lifted its position in shares of Gates Industrial by 0.6% during the first quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company's stock worth $133,774,000 after purchasing an additional 41,541 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Gates Industrial by 30.5% during the first 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 in the last quarter. American Century Companies Inc. lifted its position in shares of Gates Industrial by 13.6% during the first quarter. American Century Companies Inc. now owns 6,200,432 shares of the company's stock worth $114,150,000 after purchasing an additional 743,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Gates Industrial by 9.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company's stock worth $72,825,000 after purchasing an additional 346,250 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in shares of Gates Industrial by 4,976.3% during the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company's stock worth $29,573,000 after purchasing an additional 1,574,701 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of research reports. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 4th. Citigroup increased their price objective on shares of Gates Industrial from $22.00 to $29.00 and gave the company a "buy" rating in a report on Monday, July 14th. Industrial Alliance Securities set a $35.00 price objective on shares of Gates Industrial in a report on Monday, August 25th. Weiss Ratings restated a "hold (c+)" rating on shares of Gates Industrial in a report on Wednesday. Finally, KeyCorp restated an "overweight" rating and issued a $30.00 price objective (up from $26.00) on shares of Gates Industrial in a report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $28.18.

Gates Industrial Trading Down 3.3%

Shares of NYSE GTES opened at $24.46 on Friday. The company's fifty day moving average is $25.09 and its 200-day moving average is $22.49. The stock has a market cap of $6.30 billion, a price-to-earnings ratio of 31.36 and a beta of 1.25. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $26.42. The company has a quick ratio of 2.46, a current ratio of 3.46 and a debt-to-equity ratio of 0.66.

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

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