Envestnet Asset Management Inc. Raises Holdings in Gates Industrial Corporation PLC $GTES

Envestnet Asset Management Inc. raised its holdings in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 2.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,133,515 shares of the company’s stock after purchasing an additional 22,586 shares during the period. Envestnet Asset Management Inc. owned approximately 0.44% of Gates Industrial worth $26,105,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GTES. Principal Financial Group Inc. boosted its stake in Gates Industrial by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,128,867 shares of the company’s stock valued at $20,782,000 after purchasing an additional 29,763 shares during the last quarter. OneDigital Investment Advisors LLC boosted its holdings in Gates Industrial by 12.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,599 shares of the company’s stock worth $361,000 after purchasing an additional 2,135 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Gates Industrial by 91.7% in the first quarter. Crossmark Global Holdings Inc. now owns 96,179 shares of the company’s stock worth $1,771,000 after purchasing an additional 46,000 shares during the last quarter. Personal CFO Solutions LLC boosted its holdings in Gates Industrial by 6.4% in the first quarter. Personal CFO Solutions LLC now owns 11,175 shares of the company’s stock worth $206,000 after purchasing an additional 670 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Gates Industrial by 4.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 356,629 shares of the company’s stock worth $6,472,000 after purchasing an additional 15,813 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Zacks Research downgraded Gates Industrial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 13th. Industrial Alliance Securities set a $35.00 price target on Gates Industrial in a research note on Monday, August 25th. Royal Bank Of Canada dropped their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, October 30th. Barclays restated an “overweight” rating and issued a $28.00 price target (up from $26.00) on shares of Gates Industrial in a research note on Monday, August 4th. Finally, Wall Street Zen upgraded Gates Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 4th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $27.64.

Gates Industrial Price Performance

Shares of Gates Industrial stock opened at $22.13 on Tuesday. The stock’s 50-day simple moving average is $25.21 and its 200-day simple moving average is $23.42. Gates Industrial Corporation PLC has a 52 week low of $14.70 and a 52 week high of $26.46. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 24.31 and a beta of 1.25. The company has a quick ratio of 2.50, a current ratio of 3.52 and a debt-to-equity ratio of 0.61.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Gates Industrial had a return on equity of 10.38% and a net margin of 6.93%.The business had revenue of $855.70 million for the quarter, compared to the consensus estimate of $860.95 million. During the same period in the previous year, the business earned $0.33 earnings per share. The business’s revenue was up 3.0% on a year-over-year basis. Gates Industrial has set its FY 2025 guidance at 1.480-1.520 EPS. As a group, analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current fiscal year.

Gates Industrial Company 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.