Jennison Associates LLC Decreases Stock Position in Gates Industrial Corporation PLC $GTES

Jennison Associates LLC cut its position in Gates Industrial Corporation PLC (NYSE:GTES) by 21.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,904,247 shares of the company’s stock after selling 1,052,620 shares during the period. Jennison Associates LLC’s holdings in Gates Industrial were worth $88,275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in Gates Industrial by 98.7% in the 4th quarter. JPMorgan Chase & Co. now owns 8,373,294 shares of the company’s stock valued at $179,775,000 after purchasing an additional 4,158,341 shares during the last quarter. Norges Bank acquired a new stake in Gates Industrial during the 4th quarter worth $74,843,000. Van Berkom & Associates Inc. purchased a new stake in shares of Gates Industrial during the fourth quarter worth $68,614,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Gates Industrial during the second quarter worth $32,255,000. Finally, Nuveen LLC raised its position in shares of Gates Industrial by 280.0% in the fourth quarter. Nuveen LLC now owns 1,725,274 shares of the company’s stock valued at $37,042,000 after buying an additional 1,271,248 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Robert W. Baird lowered their price target on shares of Gates Industrial from $39.00 to $37.00 and set an “outperform” rating on the stock in a research report on Monday, May 4th. Morgan Stanley increased their price objective on shares of Gates Industrial from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Wall Street Zen lowered shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 10th. 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, Weiss Ratings restated a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, June 29th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.36.

Gates Industrial Stock Down 0.0%

NYSE GTES opened at $26.60 on Monday. The business’s fifty day simple moving average is $26.33 and its 200-day simple moving average is $25.09. The company has a quick ratio of 2.66, a current ratio of 3.67 and a debt-to-equity ratio of 0.61. The firm has a market cap of $6.76 billion, a PE ratio of 27.71 and a beta of 1.25. Gates Industrial Corporation PLC has a 52 week low of $20.88 and a 52 week high of $29.17.

Gates Industrial (NYSE:GTES) last announced 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 firm had revenue of $851.10 million during the quarter, compared to analyst estimates of $859.72 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. Gates Industrial’s quarterly revenue was up .4% on a year-over-year basis. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. As a group, equities analysts anticipate that Gates Industrial Corporation PLC will post 1.53 earnings per share 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.