Voya Investment Management LLC Boosts Position in Gates Industrial Corporation PLC $GTES

Key Points

• Voya Investment Management LLC significantly increased its stake in Gates Industrial Corporation by 187%, acquiring an additional 90,648 shares during the first quarter, bringing its total holdings to 139,129 shares.
• Several institutional investors have also increased their positions in Gates Industrial, with 98.50% of the company's stock now owned by institutional investors.
• The company's stock has received favorable ratings from analysts, with a consensus price target of $28.18 and multiple firms giving it a "buy" or "overweight" rating.

Voya Investment Management LLC boosted its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 187.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,129 shares of the company's stock after acquiring an additional 90,648 shares during the period. Voya Investment Management LLC owned 0.05% of Gates Industrial worth $2,561,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. SVB Wealth LLC purchased a new position in Gates Industrial during the 1st quarter valued at about $34,000. Avanza Fonder AB purchased a new position in Gates Industrial in the first quarter worth about $145,000. GAMMA Investing LLC raised its holdings in Gates Industrial by 81.0% in the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company's stock worth $168,000 after buying an additional 4,073 shares during the last quarter. Versant Capital Management Inc raised its holdings in Gates Industrial by 295.1% in the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company's stock worth $181,000 after buying an additional 7,359 shares during the last quarter. Finally, Aristeia Capital L.L.C. bought a new stake in shares of Gates Industrial in the first quarter worth approximately $193,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

Gates Industrial Stock Down 0.7%

Shares of NYSE:GTES traded down $0.19 during trading on Tuesday, reaching $25.38. The stock had a trading volume of 780,487 shares, compared to its average volume of 2,278,127. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.42. The company has a market capitalization of $6.54 billion, a P/E ratio of 32.57 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. The firm's 50-day simple moving average is $24.98 and its 200 day simple moving average is $21.98.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. UBS Group lifted their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $20.00 to $23.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. JPMorgan Chase & Co. assumed coverage on shares of Gates Industrial in a research note on Monday, August 25th. They issued an "overweight" rating and a $35.00 price target for the company. Wall Street Zen upgraded shares of Gates Industrial from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 12th. Finally, Royal Bank Of Canada boosted their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.18.

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.