Fred Alger Management LLC Acquires 36,367 Shares of Gates Industrial Corporation PLC $GTES

Fred Alger Management LLC raised its holdings in Gates Industrial Corporation PLC (NYSE:GTES) by 2.4% during the third quarter, HoldingsChannel reports. The firm owned 1,528,147 shares of the company’s stock after acquiring an additional 36,367 shares during the quarter. Fred Alger Management LLC’s holdings in Gates Industrial were worth $37,929,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. True Wealth Design LLC raised its holdings in shares of Gates Industrial by 133.2% during the 3rd quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock worth $29,000 after buying an additional 666 shares in the last quarter. Allworth Financial LP boosted its stake in Gates Industrial by 43.0% in the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after buying an additional 630 shares in the last quarter. SJS Investment Consulting Inc. boosted its stake in Gates Industrial by 5,123.7% in the third quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after buying an additional 1,947 shares in the last quarter. Quent Capital LLC bought a new position in Gates Industrial in the third quarter valued at about $51,000. Finally, Avanza Fonder AB grew its position in Gates Industrial by 85.3% in the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock valued at $61,000 after acquiring an additional 1,124 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on GTES. Morgan Stanley increased their target price on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 11th. Weiss Ratings raised shares of Gates Industrial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Robert W. Baird set a $39.00 price objective on shares of Gates Industrial in a research report on Friday, February 13th. UBS Group restated a “buy” rating and issued a $33.00 target price on shares of Gates Industrial in a research report on Friday, February 13th. Finally, Citigroup boosted their target price on shares of Gates Industrial from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $30.73.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.74 on Monday. The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of 23.45 and a beta of 1.22. The company has a current ratio of 3.37, a quick ratio of 2.42 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average price is $24.84 and its 200-day moving average price is $24.06. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $28.47.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The company had revenue of $856.20 million during the quarter, compared to the consensus estimate of $853.35 million. Gates Industrial had a return on equity of 10.36% and a net margin of 7.30%.The firm’s revenue was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 earnings per share. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Equities research analysts forecast that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

About Gates Industrial

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.