Gates Industrial Corporation PLC $GTES Shares Purchased by Strs Ohio

Strs Ohio increased its position in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 2.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 495,119 shares of the company’s stock after purchasing an additional 10,828 shares during the period. Strs Ohio owned 0.19% of Gates Industrial worth $11,403,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amalgamated Bank increased its holdings in shares of Gates Industrial by 2.2% during the 2nd quarter. Amalgamated Bank now owns 71,019 shares of the company’s stock worth $1,636,000 after buying an additional 1,522 shares during the last quarter. Keybank National Association OH increased its stake in Gates Industrial by 7.2% during the second quarter. Keybank National Association OH now owns 36,748 shares of the company’s stock worth $846,000 after acquiring an additional 2,481 shares during the last quarter. Hantz Financial Services Inc. increased its stake in Gates Industrial by 7.4% during the second quarter. Hantz Financial Services Inc. now owns 99,526 shares of the company’s stock worth $2,292,000 after acquiring an additional 6,848 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Gates Industrial by 2.0% during the second quarter. Envestnet Asset Management Inc. now owns 1,133,515 shares of the company’s stock worth $26,105,000 after acquiring an additional 22,586 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in Gates Industrial by 2.4% during the second quarter. Oppenheimer Asset Management Inc. now owns 80,223 shares of the company’s stock worth $1,848,000 after acquiring an additional 1,853 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GTES shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research report on Wednesday, October 8th. Royal Bank Of Canada dropped their price target on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday. Citigroup dropped their price target on shares of Gates Industrial from $31.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday. UBS Group lifted their price target on shares of Gates Industrial from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 4th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.64.

Gates Industrial Trading Up 0.6%

Shares of GTES stock opened at $21.99 on Friday. 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 stock has a market capitalization of $5.68 billion, a P/E ratio of 24.17 and a beta of 1.25. The company has a 50 day moving average price of $25.28 and a 200 day moving average price of $23.34. Gates Industrial Corporation PLC has a fifty-two week low of $14.70 and a fifty-two week high of $26.46.

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

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.