Allspring Global Investments Holdings LLC Lowers Holdings in Gates Industrial Corporation PLC $GTES

Allspring Global Investments Holdings LLC trimmed its position in Gates Industrial Corporation PLC (NYSE:GTES) by 11.1% in the 1st quarter, Holdings Channel reports. The firm owned 12,596,459 shares of the company’s stock after selling 1,572,998 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Gates Industrial were worth $290,600,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of GTES. D.A. Davidson & CO. boosted its stake in shares of Gates Industrial by 5.6% in the 1st quarter. D.A. Davidson & CO. now owns 27,599 shares of the company’s stock valued at $624,000 after purchasing an additional 1,475 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Gates Industrial by 1.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,346,443 shares of the company’s stock valued at $53,053,000 after purchasing an additional 38,645 shares during the last quarter. Illinois Municipal Retirement Fund raised its position in Gates Industrial by 6.6% in the 1st quarter. Illinois Municipal Retirement Fund now owns 151,885 shares of the company’s stock worth $3,434,000 after purchasing an additional 9,359 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Gates Industrial in the 1st quarter worth $282,000. Finally, Principal Financial Group Inc. lifted its stake in Gates Industrial by 0.3% in the first quarter. Principal Financial Group Inc. now owns 1,230,336 shares of the company’s stock worth $27,818,000 after purchasing an additional 3,337 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

NYSE:GTES opened at $26.97 on Friday. The stock has a market cap of $6.85 billion, a P/E ratio of 28.10 and a beta of 1.25. The firm’s fifty day simple moving average is $26.32 and its 200 day simple moving average is $25.06. Gates Industrial Corporation PLC has a twelve month low of $20.88 and a twelve month high of $29.17. The company has a quick ratio of 2.66, a current ratio of 3.67 and a debt-to-equity ratio of 0.61.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The business had revenue of $851.10 million for the quarter, compared to the consensus estimate of $859.72 million. During the same period in the previous year, the firm earned $0.36 EPS. The company’s quarterly revenue was up .4% compared to the same quarter last year. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. As a group, research analysts predict that Gates Industrial Corporation PLC will post 1.53 EPS for the current year.

Analyst Ratings Changes

Several research firms have issued reports on GTES. Robert W. Baird cut their price target on shares of Gates Industrial from $39.00 to $37.00 and set an “outperform” rating for the company in a research report on Monday, May 4th. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 10th. Barclays lowered their target price on Gates Industrial from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, April 1st. Wolfe Research restated an “outperform” rating and set a $33.00 target price on shares of Gates Industrial in a report on Thursday, July 9th. Finally, Royal Bank Of Canada raised their price target on Gates Industrial from $30.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $31.36.

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.