Rhumbline Advisers Raises Position in Gates Industrial Corporation PLC $GTES

Rhumbline Advisers increased its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 7.6% during the 3rd quarter, Holdings Channel reports. The fund owned 553,028 shares of the company’s stock after purchasing an additional 39,189 shares during the quarter. Rhumbline Advisers’ holdings in Gates Industrial were worth $13,726,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Invesco Ltd. grew its stake in Gates Industrial by 3.1% during the 2nd quarter. Invesco Ltd. now owns 7,635,419 shares of the company’s stock worth $175,844,000 after purchasing an additional 226,578 shares in the last quarter. State Street Corp boosted its stake in shares of Gates Industrial by 2.4% in the 2nd quarter. State Street Corp now owns 7,346,884 shares of the company’s stock valued at $169,199,000 after buying an additional 170,597 shares during the period. American Century Companies Inc. grew its position in shares of Gates Industrial by 4.2% during the second quarter. American Century Companies Inc. now owns 6,461,861 shares of the company’s stock worth $148,817,000 after buying an additional 261,429 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Gates Industrial by 17.1% during the second quarter. Franklin Resources Inc. now owns 5,661,320 shares of the company’s stock worth $130,380,000 after buying an additional 826,249 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Gates Industrial by 2.9% in the second quarter. Geode Capital Management LLC now owns 3,963,993 shares of the company’s stock valued at $91,305,000 after acquiring an additional 110,393 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GTES shares. Wells Fargo & Company began coverage on shares of Gates Industrial in a research note on Thursday, November 13th. They issued an “equal weight” rating and a $23.00 price target for the company. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $31.00 price objective on shares of Gates Industrial in a research report on Friday, February 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, December 29th. Citigroup raised their price target on Gates Industrial from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Finally, UBS Group reaffirmed a “buy” rating and set a $33.00 price objective on shares of Gates Industrial in a research report on Friday, February 13th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and a consensus target price of $30.27.

Gates Industrial Trading Up 2.4%

Shares of Gates Industrial stock opened at $27.77 on Friday. The company has a fifty day simple moving average of $23.54 and a 200-day simple moving average of $23.93. Gates Industrial Corporation PLC has a 12-month low of $14.70 and a 12-month high of $28.47. The company has a current ratio of 3.37, a quick ratio of 2.42 and a debt-to-equity ratio of 0.61. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of 28.63 and a beta of 1.27.

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