Gates Industrial Corporation PLC $GTES Position Boosted by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its holdings in Gates Industrial Corporation PLC (NYSE:GTES) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,223 shares of the company’s stock after purchasing an additional 1,853 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Gates Industrial were worth $1,848,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Fiduciary Management Inc. WI boosted its holdings in 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 buying 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 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock valued at $127,386,000 after acquiring an additional 1,618,598 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Gates Industrial by 13.6% during the 1st quarter. American Century Companies Inc. now owns 6,200,432 shares of the company’s stock valued at $114,150,000 after acquiring an additional 743,468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Gates Industrial by 9.6% during the 1st 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 acquiring an additional 346,250 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its holdings in shares of Gates Industrial by 4,976.3% in the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock worth $29,573,000 after acquiring an additional 1,574,701 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Performance

Shares of GTES opened at $21.84 on Friday. The company has a market capitalization of $5.63 billion, a PE ratio of 24.00 and a beta of 1.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.46 and a current ratio of 3.52. The company’s 50 day moving average price is $25.35 and its 200 day moving average price is $23.27. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.46.

Gates Industrial (NYSE:GTES) last issued its earnings results on Wednesday, October 29th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Gates Industrial had a net margin of 6.93% and a return on equity of 10.38%. The company had revenue of $855.70 million during the quarter, compared to analyst estimates of $860.95 million. During the same quarter last year, the business posted $0.33 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. Research analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on GTES shares. UBS Group increased their price target on Gates Industrial from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Citigroup reduced their price objective on shares of Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research report on Wednesday, October 8th. Zacks Research lowered shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Finally, Barclays reaffirmed an “overweight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average target price of $27.64.

About Gates Industrial

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.