DekaBank Deutsche Girozentrale Sells 15,813 Shares of Gates Industrial Corporation PLC $GTES

DekaBank Deutsche Girozentrale cut its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 4.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 340,816 shares of the company’s stock after selling 15,813 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Gates Industrial were worth $7,842,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Fiduciary Management Inc. WI grew its position in Gates Industrial by 0.6% in the first quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company’s stock worth $133,774,000 after acquiring an additional 41,541 shares in the last quarter. Jennison Associates LLC grew its position in Gates Industrial by 30.5% in the first quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock worth $127,386,000 after acquiring an additional 1,618,598 shares in the last quarter. American Century Companies Inc. grew its position in Gates Industrial by 13.6% in the first quarter. American Century Companies Inc. now owns 6,200,432 shares of the company’s stock worth $114,150,000 after acquiring an additional 743,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Gates Industrial by 9.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company’s stock worth $72,825,000 after acquiring an additional 346,250 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its position in Gates Industrial by 4,976.3% in the first quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock worth $29,573,000 after acquiring an additional 1,574,701 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Stock Performance

Gates Industrial stock opened at $26.15 on Friday. The company has a current ratio of 3.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.66. The firm has a 50-day moving average of $25.37 and a 200-day moving average of $23.04. The firm has a market cap of $6.73 billion, a P/E ratio of 33.52 and a beta of 1.25. Gates Industrial Corporation PLC has a 1-year low of $14.70 and a 1-year high of $26.46.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $883.70 million during the quarter, compared to analyst estimates of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. Gates Industrial’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Sell-side analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GTES. KeyCorp reiterated an “overweight” rating and issued a $30.00 target price (up from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Royal Bank Of Canada upped their price target on shares of Gates Industrial from $28.00 to $29.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. UBS Group upped 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. Citigroup upped their price target on shares of Gates Industrial from $22.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, July 14th. Finally, Zacks Research lowered shares of Gates Industrial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.18.

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.