Norges Bank acquired a new stake in shares of Gates Industrial Corporation PLC (NYSE:GTES – Free Report) in the 4th quarter, HoldingsChannel reports. The firm acquired 3,485,923 shares of the company’s stock, valued at approximately $74,843,000.
Other institutional investors have also added to or reduced their stakes in the company. Allianz Asset Management GmbH acquired a new position in Gates Industrial during the third quarter valued at approximately $2,033,000. Caprock Group LLC acquired a new position in Gates Industrial during the third quarter valued at approximately $1,695,000. Handelsbanken Fonder AB raised its position in Gates Industrial by 61.4% during the third quarter. Handelsbanken Fonder AB now owns 2,182,100 shares of the company’s stock valued at $54,160,000 after purchasing an additional 830,000 shares in the last quarter. Vanguard Group Inc. raised its position in Gates Industrial by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock valued at $664,019,000 after purchasing an additional 1,281,339 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Gates Industrial by 5.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 14,169,457 shares of the company’s stock valued at $312,578,000 after purchasing an additional 717,353 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research analysts have commented on GTES shares. UBS Group restated a “buy” rating and set a $33.00 price objective on shares of Gates Industrial in a research report on Friday, February 13th. Weiss Ratings downgraded shares of Gates Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, April 1st. Citigroup boosted their price objective on shares of Gates Industrial from $27.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Morgan Stanley boosted their target price on shares of Gates Industrial from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $31.00 target price on shares of Gates Industrial in a research note on Friday, February 13th. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.00.
Gates Industrial Stock Performance
NYSE GTES opened at $25.62 on Friday. The firm’s fifty day moving average price is $24.80 and its two-hundred day moving average price is $24.00. The stock has a market cap of $6.51 billion, a PE ratio of 26.69 and a beta of 1.27. Gates Industrial Corporation PLC has a fifty-two week low of $20.88 and a fifty-two week high of $28.47. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.66 and a current ratio of 3.67.
Gates Industrial (NYSE:GTES – Get Free Report) last posted its earnings results on Friday, May 1st. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. The firm had revenue of $851.10 million for the quarter, compared to analysts’ expectations 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 was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 earnings per share. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. On average, equities analysts expect that Gates Industrial Corporation PLC will post 1.54 EPS 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.
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