3,485,923 Shares in Gates Industrial Corporation PLC $GTES Purchased by Norges Bank

Norges Bank purchased a new position in shares of Gates Industrial Corporation PLC (NYSE:GTES) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,485,923 shares of the company’s stock, valued at approximately $74,843,000. Norges Bank owned 1.35% of Gates Industrial as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Assetmark Inc. grew its holdings in Gates Industrial by 38.1% during the third quarter. Assetmark Inc. now owns 2,448 shares of the company’s stock worth $61,000 after purchasing an additional 676 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Gates Industrial during the third quarter worth approximately $65,000. Northwestern Mutual Wealth Management Co. lifted its position in Gates Industrial by 273.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock worth $67,000 after acquiring an additional 2,131 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Gates Industrial by 1,976.9% during the second quarter. EverSource Wealth Advisors LLC now owns 2,970 shares of the company’s stock worth $68,000 after acquiring an additional 2,827 shares during the last quarter. Finally, Quadrant Capital Group LLC acquired a new stake in Gates Industrial during the third quarter worth approximately $73,000. Institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Barclays cut their price objective on shares of Gates Industrial from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. UBS Group restated a “buy” rating and set a $33.00 price objective on shares of Gates Industrial in a research report on Friday, February 13th. Robert W. Baird cut their price objective on shares of Gates Industrial from $39.00 to $37.00 and set an “outperform” rating for the company in a research report on Monday, May 4th. Royal Bank Of Canada restated an “outperform” rating and set a $31.00 price objective on shares of Gates Industrial in a research report on Friday, February 13th. Finally, Weiss Ratings downgraded shares of Gates Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, April 1st. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Gates Industrial Stock Down 1.9%

Shares of GTES opened at $25.62 on Friday. Gates Industrial Corporation PLC has a 12 month low of $20.88 and a 12 month high of $28.47. The firm’s 50 day moving average is $24.80 and its 200-day moving average is $24.00. The stock has a market capitalization of $6.51 billion, a PE ratio of 26.69 and a beta of 1.27. The company has a current ratio of 3.67, a quick ratio of 2.66 and a debt-to-equity ratio of 0.61.

Gates Industrial (NYSE:GTES) last announced its earnings results on Friday, May 1st. The company reported $0.35 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 for the quarter, compared to analysts’ expectations of $859.72 million. During the same period last year, the firm earned $0.36 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Equities research analysts forecast that Gates Industrial Corporation PLC will post 1.54 EPS for the current 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.