Bank of New York Mellon Corp Trims Position in Gates Industrial Corporation PLC $GTES

Bank of New York Mellon Corp lessened its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 18.0% in the second quarter, Holdings Channel.com reports. The fund owned 2,053,281 shares of the company’s stock after selling 450,666 shares during the period. Bank of New York Mellon Corp’s holdings in Gates Industrial were worth $47,287,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. D.A. Davidson & CO. purchased a new stake in shares of Gates Industrial in the 2nd quarter worth about $319,000. PNC Financial Services Group Inc. raised its stake in Gates Industrial by 89.9% in the first quarter. PNC Financial Services Group Inc. now owns 32,629 shares of the company’s stock worth $601,000 after buying an additional 15,444 shares in the last quarter. Cerity Partners LLC lifted its holdings in Gates Industrial by 9.4% in the first quarter. Cerity Partners LLC now owns 176,961 shares of the company’s stock worth $3,258,000 after buying an additional 15,260 shares during the period. LPL Financial LLC lifted its holdings in Gates Industrial by 15.7% in the first quarter. LPL Financial LLC now owns 179,272 shares of the company’s stock worth $3,300,000 after buying an additional 24,356 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Gates Industrial by 2.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,133,515 shares of the company’s stock valued at $26,105,000 after acquiring an additional 22,586 shares in the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Performance

Shares of GTES stock opened at $22.22 on Wednesday. The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of 24.42 and a beta of 1.25. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.50 and a current ratio of 3.52. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.46. The company’s 50-day moving average is $24.76 and its 200 day moving average is $23.62.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GTES. Wall Street Zen raised Gates Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 4th. Barclays reiterated an “overweight” rating and issued a $28.00 price objective (up previously from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. Royal Bank Of Canada dropped their target price on shares of Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. JPMorgan Chase & Co. reduced their target price on shares of Gates Industrial from $35.00 to $33.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Finally, Zacks Research cut shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $27.55.

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.