VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.13 Million in Gates Industrial Corporation PLC $GTES

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 40,500 shares of the company’s stock, valued at approximately $1,133,000.

Several other hedge funds have also recently bought and sold shares of the business. Empowered Funds LLC purchased a new stake in Gates Industrial during the first quarter worth approximately $381,000. Creative Planning raised its stake in shares of Gates Industrial by 53.9% in the 2nd quarter. Creative Planning now owns 15,435 shares of the company’s stock valued at $355,000 after acquiring an additional 5,404 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Gates Industrial by 52.7% during the 2nd quarter. Prudential Financial Inc. now owns 17,940 shares of the company’s stock valued at $389,000 after acquiring an additional 6,190 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Gates Industrial by 273.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock valued at $67,000 after acquiring an additional 2,131 shares in the last quarter. Finally, M&T Bank Corp boosted its position in Gates Industrial by 8.6% during the 2nd quarter. M&T Bank Corp now owns 11,801 shares of the company’s stock worth $272,000 after purchasing an additional 937 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on GTES. KeyCorp increased their price target on Gates Industrial from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Wells Fargo & Company upped their target price on Gates Industrial from $26.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Wolfe Research restated an “outperform” rating and set a $33.00 price objective on shares of Gates Industrial in a research note on Thursday, July 9th. JPMorgan Chase & Co. lifted their price objective on Gates Industrial from $32.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Finally, Wall Street Zen lowered Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.45.

Gates Industrial Price Performance

GTES opened at $26.05 on Friday. The company has a market capitalization of $6.60 billion, a P/E ratio of 18.48 and a beta of 1.26. The company has a 50-day moving average of $26.72 and a 200-day moving average of $25.82. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.36 and a current ratio of 3.24. Gates Industrial Corporation PLC has a 1-year low of $20.88 and a 1-year high of $30.34.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Friday, July 31st. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $941.60 million for the quarter, compared to analysts’ expectations of $927.28 million. Gates Industrial had a net margin of 10.37% and a return on equity of 10.11%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 earnings per share. Gates Industrial has set its FY 2026 guidance at 1.620-1.700 EPS. Equities analysts expect that Gates Industrial Corporation PLC will post 1.57 EPS for the current fiscal year.

Insider Buying and Selling

In other Gates Industrial news, Director Peifang Zhang sold 6,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $29.56, for a total transaction of $177,360.00. Following the transaction, the director owned 44,044 shares of the company’s stock, valued at $1,301,940.64. This trade represents a 11.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by corporate insiders.

About Gates Industrial

Gates Industrial Corporation plc (NYSE: GTES) is a global manufacturer of power transmission and fluid power products. The company supplies engineered components used to transfer motion and power, control the flow of fluids, and manage industrial and automotive systems.

Its product portfolio includes synchronous and V-belts, belt drives, hydraulic and industrial hose systems, couplings, tensioners, pulleys, and related replacement and maintenance products. Gates serves original equipment manufacturers and aftermarket customers across industries such as industrial machinery, energy, transportation, agriculture, construction, and automotive.

Gates traces its history to 1911, when Charles Gates acquired a Colorado tire and rubber company.