Gates Industrial Corporation PLC $GTES Shares Sold by Citigroup Inc.

Citigroup Inc. lowered its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 75.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 130,424 shares of the company’s stock after selling 409,837 shares during the quarter. Citigroup Inc. owned approximately 0.05% of Gates Industrial worth $3,237,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. True Wealth Design LLC lifted its position in shares of Gates Industrial by 133.2% in the third quarter. True Wealth Design LLC now owns 1,166 shares of the company’s stock valued at $29,000 after acquiring an additional 666 shares in the last quarter. Allworth Financial LP raised its stake in Gates Industrial by 43.0% in the 2nd quarter. Allworth Financial LP now owns 2,096 shares of the company’s stock valued at $48,000 after purchasing an additional 630 shares during the last quarter. SJS Investment Consulting Inc. lifted its holdings in Gates Industrial by 5,123.7% in the 3rd quarter. SJS Investment Consulting Inc. now owns 1,985 shares of the company’s stock valued at $49,000 after purchasing an additional 1,947 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Gates Industrial during the 3rd quarter worth about $51,000. Finally, Avanza Fonder AB grew its holdings in shares of Gates Industrial by 85.3% during the third quarter. Avanza Fonder AB now owns 2,441 shares of the company’s stock worth $61,000 after buying an additional 1,124 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Down 3.1%

GTES opened at $25.43 on Friday. Gates Industrial Corporation PLC has a 1 year low of $14.70 and a 1 year high of $28.47. The firm has a 50 day moving average price of $24.61 and a 200 day moving average price of $24.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.42 and a current ratio of 3.37. The company has a market cap of $6.46 billion, a PE ratio of 26.22 and a beta of 1.23.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Thursday, February 12th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Gates Industrial had a net margin of 7.30% and a return on equity of 10.36%. The company had revenue of $856.20 million during the quarter, compared to the consensus estimate of $853.35 million. During the same period in the previous year, the firm earned $0.36 earnings per share. Gates Industrial’s revenue for the quarter was up 3.2% on a year-over-year basis. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Sell-side analysts expect that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

GTES has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 14th. UBS Group reissued a “buy” rating and set a $33.00 price target on shares of Gates Industrial in a research note on Friday, February 13th. Robert W. Baird set a $39.00 price objective on Gates Industrial in a research report on Friday, February 13th. Wells Fargo & Company started coverage on Gates Industrial in a research report on Thursday, November 13th. They set an “equal weight” rating and a $23.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their price target on Gates Industrial from $33.00 to $32.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 16th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.27.

Gates Industrial Profile

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.