Gates Industrial Corporation PLC $GTES Shares Purchased by Rhumbline Advisers

Rhumbline Advisers raised its holdings in Gates Industrial Corporation PLC (NYSE:GTES) by 7.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 553,028 shares of the company’s stock after acquiring an additional 39,189 shares during the period. Rhumbline Advisers owned approximately 0.21% of Gates Industrial worth $13,726,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GTES. Norges Bank acquired a new stake in shares of Gates Industrial in the second quarter valued at approximately $80,713,000. Adage Capital Partners GP L.L.C. acquired a new position in Gates Industrial during the second quarter worth $32,255,000. Voya Investment Management LLC grew its holdings in Gates Industrial by 751.7% in the 3rd quarter. Voya Investment Management LLC now owns 1,137,088 shares of the company’s stock valued at $28,223,000 after buying an additional 1,003,580 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Gates Industrial by 17.1% in the 2nd quarter. Franklin Resources Inc. now owns 5,661,320 shares of the company’s stock worth $130,380,000 after acquiring an additional 826,249 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Gates Industrial by 69.8% during the 2nd quarter. Quantinno Capital Management LP now owns 1,228,675 shares of the company’s stock worth $28,296,000 after acquiring an additional 504,895 shares during the period. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GTES. Royal Bank Of Canada reissued an “outperform” rating and issued a $31.00 price objective on shares of Gates Industrial in a report on Friday, February 13th. Robert W. Baird set a $39.00 target price on shares of Gates Industrial in a report on Friday, February 13th. Wall Street Zen raised shares of Gates Industrial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 14th. Barclays lifted their price target on shares of Gates Industrial from $26.00 to $32.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. Finally, Citigroup upped their price objective on Gates Industrial from $27.00 to $33.00 and gave the company a “buy” rating in a report on Friday, February 13th. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.27.

Gates Industrial Stock Performance

Shares of GTES stock opened at $27.77 on Friday. 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 firm has a market cap of $7.05 billion, a P/E ratio of 28.63 and a beta of 1.27. The firm’s 50 day moving average price is $23.54 and its 200-day moving average price is $23.93. Gates Industrial Corporation PLC has a one year low of $14.70 and a one year high of $28.47.

Gates Industrial (NYSE:GTES) last posted its earnings results on Thursday, February 12th. The company reported $0.38 earnings per share for the quarter, beating 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 firm had revenue of $856.20 million during the quarter, compared to the consensus estimate of $853.35 million. During the same quarter last year, the firm earned $0.36 EPS. The firm’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. As a group, equities research analysts predict that Gates Industrial Corporation PLC will post 1.36 EPS for the current year.

Gates Industrial Company 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.