Sterling Capital Management LLC Sells 91,801 Shares of Gates Industrial Corporation PLC $GTES

Sterling Capital Management LLC lessened its position in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 91.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,507 shares of the company’s stock after selling 91,801 shares during the quarter. Sterling Capital Management LLC’s holdings in Gates Industrial were worth $192,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GTES. JPMorgan Chase & Co. raised its holdings in Gates Industrial by 98.7% during the 4th quarter. JPMorgan Chase & Co. now owns 8,373,294 shares of the company’s stock worth $179,775,000 after purchasing an additional 4,158,341 shares during the last quarter. Norges Bank acquired a new position in Gates Industrial in the fourth quarter valued at approximately $74,843,000. Van Berkom & Associates Inc. bought a new position in Gates Industrial in the fourth quarter valued at approximately $68,614,000. Adage Capital Partners GP L.L.C. acquired a new stake in Gates Industrial during the 2nd quarter worth $32,255,000. Finally, Nuveen LLC boosted its position in shares of Gates Industrial by 280.0% in the 4th quarter. Nuveen LLC now owns 1,725,274 shares of the company’s stock worth $37,042,000 after purchasing an additional 1,271,248 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Down 3.9%

GTES traded down $1.07 during trading on Tuesday, reaching $26.08. The company had a trading volume of 42,517 shares, compared to its average volume of 2,311,222. The company has a market cap of $6.62 billion, a P/E ratio of 27.12 and a beta of 1.25. Gates Industrial Corporation PLC has a 12 month low of $20.88 and a 12 month high of $29.17. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.67 and a quick ratio of 2.66. The business’s fifty day moving average price is $26.19 and its 200 day moving average price is $24.81.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. The business had revenue of $851.10 million for the quarter, compared to analyst estimates of $859.72 million. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the business posted $0.36 earnings per share. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Equities analysts anticipate that Gates Industrial Corporation PLC will post 1.55 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen cut Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 10th. Barclays reduced their price objective on shares of Gates Industrial from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Morgan Stanley boosted their price objective on shares of Gates Industrial from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Robert W. Baird cut their target price on shares of Gates Industrial from $39.00 to $37.00 and set an “outperform” rating on the stock in a report on Monday, May 4th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research report on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Gates Industrial has an average rating of “Moderate Buy” and a consensus price target of $31.00.

About Gates Industrial

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.