Gates Industrial Corporation PLC $GTES Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its position in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 1.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 2,346,443 shares of the company’s stock after purchasing an additional 38,645 shares during the period. Bank of New York Mellon Corp’s holdings in Gates Industrial were worth $53,053,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Gates Industrial by 5.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 14,169,457 shares of the company’s stock worth $312,578,000 after purchasing an additional 717,353 shares during the period. Paradice Investment Management LLC lifted its stake in shares of Gates Industrial by 8.1% in the fourth quarter. Paradice Investment Management LLC now owns 1,292,301 shares of the company’s stock valued at $27,746,000 after purchasing an additional 97,382 shares during the period. SG Americas Securities LLC boosted its holdings in Gates Industrial by 46.7% during the fourth quarter. SG Americas Securities LLC now owns 70,186 shares of the company’s stock worth $1,507,000 after buying an additional 22,338 shares in the last quarter. Van Berkom & Associates Inc. purchased a new stake in Gates Industrial during the fourth quarter worth about $68,614,000. Finally, Impax Asset Management Group plc grew its position in Gates Industrial by 48.8% during the fourth quarter. Impax Asset Management Group plc now owns 472,713 shares of the company’s stock worth $10,149,000 after buying an additional 155,000 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GTES shares. Wall Street Zen cut shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 10th. Weiss Ratings restated a “hold (c+)” rating on shares of Gates Industrial in a report on Monday, June 29th. Morgan Stanley raised their price objective on Gates Industrial from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday, May 29th. Barclays reduced their price objective on Gates Industrial from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, April 1st. Finally, Wolfe Research reissued an “outperform” rating and issued a $33.00 target price on shares of Gates Industrial in a report on Thursday, July 9th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.36.

Gates Industrial Stock Performance

NYSE:GTES opened at $27.02 on Friday. The company has a current ratio of 3.67, a quick ratio of 2.66 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $6.86 billion, a P/E ratio of 28.14 and a beta of 1.25. The firm has a 50-day moving average price of $26.42 and a two-hundred day moving average price of $25.24. Gates Industrial Corporation PLC has a twelve month low of $20.88 and a twelve month high of $29.17.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Friday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.03. The company had revenue of $851.10 million for the quarter, compared to the consensus estimate of $859.72 million. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. As a group, research analysts expect that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current fiscal year.

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.