Gates Industrial Corporation PLC $GTES Shares Sold by First Manhattan CO. LLC.

First Manhattan CO. LLC. cut its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 18.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 855,186 shares of the company’s stock after selling 188,597 shares during the period. First Manhattan CO. LLC.’s holdings in Gates Industrial were worth $15,744,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SVB Wealth LLC acquired a new position in shares of Gates Industrial during the first quarter worth approximately $34,000. MetLife Investment Management LLC boosted its position in shares of Gates Industrial by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 4,157 shares of the company’s stock worth $86,000 after buying an additional 567 shares during the period. Avanza Fonder AB acquired a new position in shares of Gates Industrial during the first quarter worth approximately $145,000. GAMMA Investing LLC boosted its position in shares of Gates Industrial by 81.0% during the first quarter. GAMMA Investing LLC now owns 9,099 shares of the company’s stock worth $168,000 after buying an additional 4,073 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of Gates Industrial by 295.1% during the first quarter. Versant Capital Management Inc now owns 9,853 shares of the company’s stock worth $181,000 after buying an additional 7,359 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GTES. Barclays restated an “overweight” rating and issued a $28.00 target price (up from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. Citigroup upped their target price on Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. JPMorgan Chase & Co. began coverage on Gates Industrial in a research report on Monday, August 25th. They issued an “overweight” rating and a $35.00 target price for the company. Royal Bank Of Canada upped their target price on Gates Industrial from $28.00 to $29.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group upped their target price on Gates Industrial from $20.00 to $23.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and an average target price of $28.18.

Gates Industrial Price Performance

NYSE GTES opened at $25.53 on Tuesday. The stock has a market capitalization of $6.58 billion, a P/E ratio of 32.74 and a beta of 1.25. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $26.33. The business’s fifty day moving average is $24.44 and its two-hundred day moving average is $21.56. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46.

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