Federated Hermes Inc. Purchases 255,707 Shares of Gates Industrial Corporation PLC $GTES

Federated Hermes Inc. boosted its position in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 199.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 384,227 shares of the company’s stock after acquiring an additional 255,707 shares during the period. Federated Hermes Inc. owned 0.15% of Gates Industrial worth $9,537,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in GTES. True Wealth Design LLC grew its position in Gates Industrial by 133.2% in the 3rd quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock worth $29,000 after purchasing an additional 666 shares during the last quarter. Allworth Financial LP grew its position in Gates Industrial by 43.0% during the second quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock worth $48,000 after buying an additional 630 shares in the last quarter. SJS Investment Consulting Inc. increased its stake in Gates Industrial by 5,123.7% during the third quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after acquiring an additional 1,947 shares during the period. Quent Capital LLC acquired a new position in Gates Industrial in the 3rd quarter valued at approximately $51,000. Finally, Avanza Fonder AB lifted its position in shares of Gates Industrial by 85.3% in the 3rd quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock worth $61,000 after acquiring an additional 1,124 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GTES. UBS Group cut their price target on shares of Gates Industrial from $29.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, January 5th. Citigroup reiterated a “buy” rating on shares of Gates Industrial in a research report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, December 29th. Royal Bank Of Canada decreased their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Finally, JPMorgan Chase & Co. cut their price objective on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, December 16th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.09.

Gates Industrial Price Performance

GTES opened at $23.01 on Monday. The company has a fifty day simple moving average of $22.33 and a 200 day simple moving average of $23.74. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61. The stock has a market cap of $5.94 billion, a P/E ratio of 25.29 and a beta of 1.27. Gates Industrial Corporation PLC has a 12 month low of $14.70 and a 12 month high of $26.46.

Insider Transactions at Gates Industrial

In other Gates Industrial news, CFO Lawrence B. Mallard sold 22,188 shares of Gates Industrial stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $22.77, for a total value of $505,220.76. Following the sale, the chief financial officer owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.70% of the company’s stock.

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.