Strs Ohio Grows Stock Position in Gates Industrial Corp PLC (NYSE:GTES)

Posted by on Jul 19th, 2023

Strs Ohio grew its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES – Free Report) by 9.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 151,794 shares of the company’s stock after purchasing an additional 13,170 shares during the quarter. Strs Ohio owned approximately 0.05% of Gates Industrial worth $2,108,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fiduciary Management Inc. WI increased its holdings in Gates Industrial by 47.9% in the 4th quarter. Fiduciary Management Inc. WI now owns 4,011,333 shares of the company’s stock worth $45,769,000 after acquiring an additional 1,299,947 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Gates Industrial by 26.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,540,139 shares of the company’s stock worth $63,213,000 after acquiring an additional 1,145,253 shares in the last quarter. Norges Bank purchased a new stake in Gates Industrial in the 4th quarter worth approximately $12,417,000. AQR Capital Management LLC grew its holdings in Gates Industrial by 38.5% during the 4th quarter. AQR Capital Management LLC now owns 2,647,298 shares of the company’s stock valued at $29,941,000 after buying an additional 735,282 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in Gates Industrial by 197.8% during the 2nd quarter. Prudential Financial Inc. now owns 1,041,802 shares of the company’s stock valued at $11,314,000 after buying an additional 691,957 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. VNET Group reaffirmed a “maintains” rating on shares of Gates Industrial in a report on Tuesday, May 9th. The Goldman Sachs Group lowered shares of Gates Industrial from a “buy” rating to a “neutral” rating and set a $14.50 price objective for the company. in a report on Tuesday, June 20th. Robert W. Baird increased their price objective on shares of Gates Industrial from $18.00 to $19.00 in a report on Friday, May 5th. UBS Group boosted their price target on shares of Gates Industrial from $16.00 to $18.00 in a research report on Monday, May 8th. Finally, Evercore ISI reduced their price target on shares of Gates Industrial from $15.00 to $14.00 in a research report on Tuesday, May 9th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Hold” and a consensus target price of $15.35.

Insiders Place Their Bets

In other Gates Industrial news, major shareholder Blackstone Inc. sold 47,809,634 shares of Gates Industrial stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $11.40, for a total transaction of $545,029,827.60. Following the completion of the transaction, the insider now directly owns 195,491 shares of the company’s stock, valued at $2,228,597.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Blackstone Inc. sold 47,809,634 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $11.40, for a total transaction of $545,029,827.60. Following the completion of the sale, the insider now directly owns 195,491 shares of the company’s stock, valued at $2,228,597.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fredrik J. Eliasson bought 50,000 shares of the stock in a transaction dated Thursday, May 25th. The shares were bought at an average cost of $11.57 per share, with a total value of $578,500.00. Following the completion of the purchase, the director now directly owns 71,130 shares of the company’s stock, valued at approximately $822,974.10. The disclosure for this purchase can be found here. 2.30% of the stock is owned by insiders.

Gates Industrial Stock Up 0.2 %

NYSE GTES opened at $13.44 on Wednesday. The company has a quick ratio of 2.30, a current ratio of 3.19 and a debt-to-equity ratio of 0.70. The company has a fifty day moving average of $12.83 and a two-hundred day moving average of $13.15. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 17.68 and a beta of 1.56. Gates Industrial Corp PLC has a 52 week low of $9.40 and a 52 week high of $14.93.

Gates Industrial (NYSE:GTES – Get Free Report) last posted its quarterly earnings data on Thursday, May 4th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. The company had revenue of $897.70 million during the quarter, compared to analyst estimates of $907.10 million. Gates Industrial had a net margin of 6.08% and a return on equity of 8.86%. On average, analysts predict that Gates Industrial Corp PLC will post 1.04 earnings per share for the current year.

Gates Industrial Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding GTES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gates Industrial Corp PLC (NYSE:GTES – Free Report).

Institutional Ownership by Quarter for Gates Industrial (NYSE:GTES)

Receive News & Ratings for Gates Industrial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gates Industrial and related companies with MarketBeat.com's FREE daily email newsletter.