Royal Bank of Canada Has $11.54 Million Stake in Gates Industrial Corporation PLC $GTES

Royal Bank of Canada grew its holdings in Gates Industrial Corporation PLC (NYSE:GTES) by 45.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 626,865 shares of the company’s stock after buying an additional 194,592 shares during the period. Royal Bank of Canada owned 0.24% of Gates Industrial worth $11,541,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GTES. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Gates Industrial by 540.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company’s stock valued at $74,247,000 after buying an additional 3,046,064 shares during the last quarter. Jennison Associates LLC raised its holdings in Gates Industrial by 30.5% in the 1st quarter. Jennison Associates LLC now owns 6,919,403 shares of the company’s stock valued at $127,386,000 after acquiring an additional 1,618,598 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Gates Industrial by 4,976.3% in the 1st quarter. Driehaus Capital Management LLC now owns 1,606,345 shares of the company’s stock valued at $29,573,000 after acquiring an additional 1,574,701 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of Gates Industrial by 209.9% in the 4th quarter. Point72 Asset Management L.P. now owns 2,122,079 shares of the company’s stock valued at $43,651,000 after purchasing an additional 1,437,281 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Gates Industrial by 278.7% in the 4th quarter. Millennium Management LLC now owns 1,316,988 shares of the company’s stock valued at $27,090,000 after purchasing an additional 969,263 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Gates Industrial Trading Up 3.0%

NYSE:GTES opened at $26.06 on Friday. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $26.42. The stock’s fifty day moving average price is $24.81 and its two-hundred day moving average price is $21.73. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.46 and a quick ratio of 2.46. The company has a market cap of $6.71 billion, a P/E ratio of 33.41 and a beta of 1.25.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on GTES. Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 12th. KeyCorp restated an “overweight” rating and set a $30.00 target price (up previously from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. UBS Group boosted their price objective on Gates Industrial from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Industrial Alliance Securities set a $35.00 price objective on Gates Industrial in a report on Monday, August 25th. Finally, Citigroup upped their target price on Gates Industrial from $22.00 to $29.00 and gave the company a “buy” rating in a report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.