Diamond Hill Capital Management Inc. Sells 183,739 Shares of Gates Industrial Corporation PLC $GTES

Diamond Hill Capital Management Inc. cut its stake in Gates Industrial Corporation PLC (NYSE:GTES) by 8.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,936,513 shares of the company’s stock after selling 183,739 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Gates Industrial were worth $41,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Gates Industrial by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 26,753,365 shares of the company’s stock worth $664,019,000 after purchasing an additional 1,281,339 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Gates Industrial by 5.3% in 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 last quarter. Dimensional Fund Advisors LP grew its position in Gates Industrial by 0.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 10,850,516 shares of the company’s stock worth $269,308,000 after purchasing an additional 28,760 shares during the last quarter. Invesco Ltd. raised its holdings in Gates Industrial by 3.0% in the 3rd quarter. Invesco Ltd. now owns 7,861,494 shares of the company’s stock valued at $195,122,000 after acquiring an additional 226,075 shares in the last quarter. Finally, State Street Corp raised its holdings in 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 acquiring an additional 170,597 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Gates Industrial Price Performance

Gates Industrial stock opened at $24.07 on Friday. Gates Industrial Corporation PLC has a 52 week low of $20.39 and a 52 week high of $28.47. The company’s 50 day moving average price is $24.21 and its two-hundred day moving average price is $23.73. The company has a quick ratio of 2.66, a current ratio of 3.67 and a debt-to-equity ratio of 0.61. The stock has a market cap of $6.11 billion, a P/E ratio of 25.07 and a beta of 1.28.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Friday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.03. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The company had revenue of $851.10 million during the quarter, compared to analyst estimates of $859.72 million. During the same quarter last year, the business posted $0.36 EPS. Gates Industrial’s quarterly revenue was up .4% compared to the same quarter last year. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. On average, equities analysts predict that Gates Industrial Corporation PLC will post 1.53 earnings per share for the current year.

Wall Street Analyst Weigh In

GTES has been the subject of a number of recent research reports. Robert W. Baird dropped their target price on Gates Industrial from $39.00 to $37.00 and set an “outperform” rating for the company in a report on Monday, May 4th. Citigroup lifted their price objective on Gates Industrial from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Wall Street Zen lowered Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 10th. Morgan Stanley lifted their target price on Gates Industrial from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 11th. Finally, UBS Group reissued a “buy” rating and set a $33.00 price target on shares of Gates Industrial in a research report on Friday, February 13th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.18.

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.