Amundi Lowers Holdings in Gates Industrial Corporation PLC $GTES

Amundi decreased its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 4.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 118,072 shares of the company’s stock after selling 5,262 shares during the quarter. Amundi’s holdings in Gates Industrial were worth $1,993,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its position in Gates Industrial by 4.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 41,660 shares of the company’s stock worth $767,000 after purchasing an additional 1,845 shares in the last quarter. GAMMA Investing LLC boosted its position in 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 purchasing an additional 4,073 shares in the last quarter. QRG Capital Management Inc. boosted its position in Gates Industrial by 4.5% during the first quarter. QRG Capital Management Inc. now owns 38,085 shares of the company’s stock worth $701,000 after purchasing an additional 1,626 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in Gates Industrial by 1.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 78,370 shares of the company’s stock worth $1,443,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Gates Industrial by 15.5% during the first quarter. Assenagon Asset Management S.A. now owns 120,960 shares of the company’s stock worth $2,227,000 after purchasing an additional 16,224 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Price Performance

NYSE:GTES opened at $25.68 on Friday. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $26.42. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.46 and a current ratio of 3.46. The stock has a market cap of $6.61 billion, a PE ratio of 32.92 and a beta of 1.25. The stock has a 50 day moving average price of $24.84 and a 200 day moving average price of $21.76.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $883.70 million during 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 quarterly revenue was down .2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. Gates Industrial has set its FY 2025 guidance at 1.440-1.520 EPS. Equities research analysts expect that Gates Industrial Corporation PLC will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GTES shares. KeyCorp reiterated an “overweight” rating and set a $30.00 price target (up previously from $26.00) on shares of Gates Industrial in a research report on Thursday, July 31st. Barclays reiterated an “overweight” rating and set a $28.00 price target (up previously from $26.00) on shares of Gates Industrial in a research report on Monday, August 4th. 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 on the stock. Citigroup raised their target price on Gates Industrial from $22.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, July 14th. Finally, Industrial Alliance Securities set a $35.00 target price on Gates Industrial in a research report on Monday, August 25th. One 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 company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.18.

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.