American Century Companies Inc. Buys 261,429 Shares of Gates Industrial Corporation PLC $GTES

American Century Companies Inc. raised its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 4.2% 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 6,461,861 shares of the company’s stock after purchasing an additional 261,429 shares during the period. American Century Companies Inc. owned 2.51% of Gates Industrial worth $148,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Fiduciary Management Inc. WI increased its position in shares of Gates Industrial by 0.6% during the 1st quarter. Fiduciary Management Inc. WI now owns 7,266,385 shares of the company’s stock valued at $133,774,000 after purchasing an additional 41,541 shares during the last quarter. Franklin Resources Inc. lifted its position in Gates Industrial by 17.1% in the second quarter. Franklin Resources Inc. now owns 5,661,320 shares of the company’s stock worth $130,380,000 after buying an additional 826,249 shares during the last quarter. Geode Capital Management LLC boosted its stake in Gates Industrial by 2.9% during the second quarter. Geode Capital Management LLC now owns 3,963,993 shares of the company’s stock worth $91,305,000 after buying an additional 110,393 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Gates Industrial by 9.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,955,721 shares of the company’s stock worth $72,825,000 after buying an additional 346,250 shares during the period. Finally, Driehaus Capital Management LLC increased its position in Gates Industrial by 4,976.3% during the first 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 during the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Up 1.4%

Shares of NYSE:GTES opened at $22.12 on Tuesday. The business’s 50 day moving average is $24.08 and its 200 day moving average is $23.77. The stock has a market cap of $5.71 billion, a P/E ratio of 24.30 and a beta of 1.25. Gates Industrial Corporation PLC has a 52-week low of $14.70 and a 52-week high of $26.46. 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 issued its earnings results on Wednesday, October 29th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $860.95 million. During the same period in the previous year, the company posted $0.33 EPS. Gates Industrial’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. Sell-side analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on GTES. Barclays restated an “overweight” rating and issued a $28.00 target price (up previously from $26.00) on shares of Gates Industrial in a report on Monday, August 4th. KeyCorp reissued an “overweight” rating and issued a $30.00 price objective (up previously from $26.00) on shares of Gates Industrial in a research note on Thursday, July 31st. UBS Group dropped their target price on Gates Industrial from $30.00 to $29.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Royal Bank Of Canada reduced their price target on Gates Industrial from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Finally, Wells Fargo & Company initiated coverage on Gates Industrial in a research note on Thursday, November 13th. They set an “equal weight” rating and a $23.00 price target for the company. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.17.

Insiders Place Their Bets

In related news, CFO Lawrence B. Mallard sold 22,188 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $22.77, for a total value of $505,220.76. Following the completion of the sale, the chief financial officer directly owned 177,627 shares of the company’s stock, valued at $4,044,566.79. This represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is currently owned by company insiders.

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.