VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Gates Industrial Corporation PLC $GTES

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Gates Industrial Corporation PLC (NYSE:GTES) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 40,500 shares of the company’s stock, valued at approximately $1,133,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of GTES. Los Angeles Capital Management LLC bought a new position in Gates Industrial in the fourth quarter worth about $26,000. Transamerica Financial Advisors LLC grew its holdings in shares of Gates Industrial by 51.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,577 shares of the company’s stock valued at $34,000 after purchasing an additional 539 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Gates Industrial by 46.3% during the 1st quarter. Fifth Third Bancorp now owns 1,624 shares of the company’s stock worth $37,000 after purchasing an additional 514 shares during the period. Parallel Advisors LLC raised its position in shares of Gates Industrial by 37.7% during the 1st quarter. Parallel Advisors LLC now owns 2,536 shares of the company’s stock worth $57,000 after purchasing an additional 694 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Gates Industrial by 273.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock worth $67,000 after purchasing an additional 2,131 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GTES shares. Robert W. Baird boosted their price objective on Gates Industrial from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Wolfe Research reaffirmed an “outperform” rating and issued a $33.00 target price on shares of Gates Industrial in a research report on Thursday, July 9th. Wells Fargo & Company raised their target price on Gates Industrial from $26.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, August 3rd. KeyCorp boosted their price target on shares of Gates Industrial from $31.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Finally, Morgan Stanley upped their price target on shares of Gates Industrial from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.45.

Insider Activity

In other news, Director Peifang Zhang sold 6,000 shares of Gates Industrial stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $29.56, for a total transaction of $177,360.00. Following the transaction, the director directly owned 44,044 shares in the company, valued at approximately $1,301,940.64. This trade represents a 11.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.80% of the company’s stock.

Gates Industrial Trading Up 1.7%

Gates Industrial stock opened at $26.05 on Friday. The firm has a 50 day simple moving average of $26.72 and a 200-day simple moving average of $25.82. The company has a debt-to-equity ratio of 0.58, a current ratio of 3.24 and a quick ratio of 2.36. The stock has a market capitalization of $6.60 billion, a PE ratio of 18.48 and a beta of 1.26. Gates Industrial Corporation PLC has a 12-month low of $20.88 and a 12-month high of $30.34.

Gates Industrial (NYSE:GTES) last announced its earnings results on Friday, July 31st. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. Gates Industrial had a return on equity of 10.11% and a net margin of 10.37%.The firm had revenue of $941.60 million for the quarter, compared to analysts’ expectations of $927.28 million. During the same quarter in the previous year, the company earned $0.39 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Gates Industrial has set its FY 2026 guidance at 1.620-1.700 EPS. As a group, equities research analysts expect that Gates Industrial Corporation PLC will post 1.57 EPS for the current fiscal year.

About Gates Industrial

Gates Industrial Corporation plc (NYSE: GTES) is a global manufacturer of power transmission and fluid power products. The company supplies engineered components used to transfer motion and power, control the flow of fluids, and manage industrial and automotive systems.

Its product portfolio includes synchronous and V-belts, belt drives, hydraulic and industrial hose systems, couplings, tensioners, pulleys, and related replacement and maintenance products. Gates serves original equipment manufacturers and aftermarket customers across industries such as industrial machinery, energy, transportation, agriculture, construction, and automotive.

Gates traces its history to 1911, when Charles Gates acquired a Colorado tire and rubber company.