US Bancorp DE Decreases Position in Gates Industrial Corporation PLC $GTES

US Bancorp DE cut its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 29.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,281 shares of the company’s stock after selling 14,367 shares during the period. US Bancorp DE’s holdings in Gates Industrial were worth $789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GTES. SVB Wealth LLC purchased a new stake in Gates Industrial during the first quarter valued at approximately $34,000. Steph & Co. purchased a new position in Gates Industrial during the 2nd quarter valued at $70,000. GAMMA Investing LLC boosted its holdings in Gates Industrial by 81.0% during the 1st quarter. GAMMA Investing LLC now owns 9,099 shares of the company’s stock valued at $168,000 after acquiring an additional 4,073 shares during the period. Aristeia Capital L.L.C. purchased a new position in Gates Industrial during the 1st quarter valued at $193,000. Finally, Aaron Wealth Advisors LLC purchased a new position in Gates Industrial during the 2nd quarter valued at $205,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GTES has been the topic of several research reports. JPMorgan Chase & Co. initiated coverage on Gates Industrial in a report on Monday, August 25th. They set an “overweight” rating and a $35.00 price objective on the stock. Zacks Research downgraded Gates Industrial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Barclays restated an “overweight” rating and set a $28.00 price objective (up from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. Industrial Alliance Securities set a $35.00 price objective on Gates Industrial in a report on Monday, August 25th. Finally, KeyCorp reaffirmed 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. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average price target of $28.18.

Gates Industrial Stock Up 0.2%

Gates Industrial stock opened at $25.92 on Friday. 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 stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of 33.23 and a beta of 1.25. Gates Industrial Corporation PLC has a 1-year low of $14.70 and a 1-year high of $26.42. The business has a fifty day moving average price of $25.22 and a 200-day moving average price of $22.74.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Gates Industrial had a return on equity of 10.17% and a net margin of 5.98%.The company had revenue of $883.70 million during the quarter, compared to analysts’ expectations of $873.34 million. During the same quarter in the previous year, the firm posted $0.36 EPS. The firm’s revenue was down .2% compared to the same quarter last year. 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 EPS 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.