Heartland Advisors Inc. Acquires 63,195 Shares of Gates Industrial Corporation PLC $GTES

Heartland Advisors Inc. boosted its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 8.5% in the first quarter, Holdings Channel.com reports. The fund owned 803,365 shares of the company’s stock after acquiring an additional 63,195 shares during the quarter. Gates Industrial comprises 0.9% of Heartland Advisors Inc.’s portfolio, making the stock its 26th biggest holding. Heartland Advisors Inc.’s holdings in Gates Industrial were worth $18,164,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of GTES. Allspring Global Investments Holdings LLC increased its stake in Gates Industrial by 5.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 14,169,457 shares of the company’s stock worth $312,578,000 after purchasing an additional 717,353 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Gates Industrial by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,250,875 shares of the company’s stock worth $241,562,000 after purchasing an additional 400,359 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Gates Industrial by 98.7% in the fourth quarter. JPMorgan Chase & Co. now owns 8,373,294 shares of the company’s stock worth $179,775,000 after purchasing an additional 4,158,341 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Gates Industrial by 5.9% in the fourth quarter. Invesco Ltd. now owns 8,322,654 shares of the company’s stock worth $178,687,000 after purchasing an additional 461,160 shares during the last quarter. Finally, State Street Corp increased its stake in Gates Industrial by 3.0% in the 4th quarter. State Street Corp now owns 7,971,572 shares of the company’s stock worth $171,150,000 after buying an additional 232,447 shares during the period. Institutional investors own 98.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Barclays decreased their price objective on shares of Gates Industrial from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, April 1st. Robert W. Baird dropped their target price on shares of Gates Industrial from $39.00 to $37.00 and set an “outperform” rating on the stock in a research note on Monday, May 4th. Wolfe Research reaffirmed an “outperform” rating and set a $33.00 target price on shares of Gates Industrial in a research report on Thursday, July 9th. Wall Street Zen downgraded shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 10th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, June 29th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Gates Industrial presently has an average rating of “Moderate Buy” and an average price target of $31.36.

Gates Industrial Price Performance

GTES opened at $26.60 on Friday. The company has a market capitalization of $6.76 billion, a price-to-earnings ratio of 27.71 and a beta of 1.25. The company has a current ratio of 3.67, a quick ratio of 2.66 and a debt-to-equity ratio of 0.61. Gates Industrial Corporation PLC has a 12-month low of $20.88 and a 12-month high of $29.17. The business’s fifty day simple moving average is $26.33 and its 200-day simple moving average is $25.07.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Friday, May 1st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.03. Gates Industrial had a return on equity of 10.00% and a net margin of 7.23%.The firm had revenue of $851.10 million during the quarter, compared to the consensus estimate of $859.72 million. During the same period in the previous year, the company posted $0.36 earnings per share. The firm’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. On average, equities research analysts anticipate that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current fiscal year.

Gates Industrial Company Profile

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.