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

DekaBank Deutsche Girozentrale lessened its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 340,816 shares of the company’s stock after selling 15,813 shares during the quarter. DekaBank Deutsche Girozentrale owned approximately 0.13% of Gates Industrial worth $7,842,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. SVB Wealth LLC bought a new stake in shares of Gates Industrial in the 1st quarter worth approximately $34,000. Steph & Co. bought a new stake in shares of Gates Industrial in the 2nd quarter worth approximately $70,000. Aaron Wealth Advisors LLC bought a new stake in shares of Gates Industrial in the 2nd quarter worth approximately $205,000. GAMMA Investing LLC raised its holdings in shares of Gates Industrial by 81.0% in the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company’s stock worth $168,000 after purchasing an additional 4,073 shares during the period. Finally, Pallas Capital Advisors LLC bought a new stake in shares of Gates Industrial in the 2nd quarter worth approximately $235,000. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on GTES. Citigroup lifted their price target on shares of Gates Industrial from $22.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, July 14th. Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 4th. JPMorgan Chase & Co. began coverage on shares of Gates Industrial in a report on Monday, August 25th. They set an “overweight” rating and a $35.00 target price on the stock. UBS Group boosted their target price on shares of Gates Industrial from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Finally, Royal Bank Of Canada boosted their target price on shares of Gates Industrial from $28.00 to $29.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $28.18.

Gates Industrial Trading Up 0.4%

Gates Industrial stock opened at $26.15 on Friday. The stock 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 fifty-two week low of $14.70 and a fifty-two week high of $26.46. The firm’s fifty day moving average price is $25.37 and its 200-day moving average price is $23.04. 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 released its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $883.70 million for the quarter, compared to analysts’ expectations of $873.34 million. Gates Industrial had a net margin of 5.98% and a return on equity of 10.17%. The business’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Equities research analysts forecast that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Gates Industrial Profile

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.