Commonwealth of Pennsylvania Public School Empls Retrmt SYS Increases Position in Gates Industrial Corporation PLC $GTES

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 8.3% during the second quarter, HoldingsChannel reports. The firm owned 58,900 shares of the company’s stock after purchasing an additional 4,501 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Gates Industrial were worth $1,356,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTES. Allworth Financial LP increased its position in shares of Gates Industrial by 43.0% during the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after purchasing an additional 630 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Gates Industrial by 0.8% in the second quarter. Assenagon Asset Management S.A. now owns 121,868 shares of the company’s stock worth $2,807,000 after buying an additional 908 shares in the last quarter. Park Avenue Securities LLC grew its position in Gates Industrial by 1.9% during the second quarter. Park Avenue Securities LLC now owns 50,414 shares of the company’s stock valued at $1,161,000 after acquiring an additional 940 shares during the last quarter. Oliver Luxxe Assets LLC raised its stake in shares of Gates Industrial by 1.0% during the second quarter. Oliver Luxxe Assets LLC now owns 102,338 shares of the company’s stock worth $2,357,000 after acquiring an additional 1,039 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Gates Industrial by 2.4% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 55,209 shares of the company’s stock worth $1,271,000 after acquiring an additional 1,316 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Shares of NYSE:GTES opened at $21.82 on Friday. The company has a current ratio of 3.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $24.15 and a 200-day moving average price of $23.74. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 23.97 and a beta of 1.25. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $26.46.

Gates Industrial (NYSE:GTES) last announced its quarterly 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. The company had revenue of $855.70 million for the quarter, compared to the consensus estimate of $860.95 million. Gates Industrial had a return on equity of 10.38% and a net margin of 6.93%.Gates Industrial’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 EPS. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. As a group, equities analysts anticipate that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on GTES shares. UBS Group reduced their target price on shares of Gates Industrial from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Citigroup reduced their price objective on Gates Industrial from $31.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Weiss Ratings upgraded Gates Industrial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 4th. Finally, JPMorgan Chase & Co. reduced their price target on Gates Industrial from $35.00 to $33.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Eight equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.17.

Insider Activity

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total transaction of $505,220.76. Following the completion of the transaction, the chief financial officer owned 177,627 shares in the company, valued at $4,044,566.79. This represents a 11.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.70% of the company’s stock.

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.