Gates Industrial (NYSE:GTES) Reaches New 52-Week High – Here’s Why

Gates Industrial Corporation PLC (NYSE:GTES) hit a new 52-week high during trading on Thursday . The stock traded as high as $28.87 and last traded at $29.0670, with a volume of 212598 shares traded. The stock had previously closed at $27.25.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GTES shares. Wall Street Zen downgraded shares of Gates Industrial from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 10th. Morgan Stanley increased their target price 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 reduced their price target 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. Weiss Ratings downgraded Gates Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 1st. Finally, Barclays decreased their target price on Gates Industrial from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Gates Industrial Trading Up 5.8%

The business has a fifty day simple moving average of $25.84 and a 200 day simple moving average of $24.48. The stock has a market cap of $7.32 billion, a price-to-earnings ratio of 30.04 and a beta of 1.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.66 and a current ratio of 3.67.

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

Institutional Trading of Gates Industrial

Several hedge funds and other institutional investors have recently bought and sold shares of GTES. Handelsbanken Fonder AB lifted its position in Gates Industrial by 61.4% during the third quarter. Handelsbanken Fonder AB now owns 2,182,100 shares of the company’s stock worth $54,160,000 after buying an additional 830,000 shares during the period. Victory Capital Management Inc. increased its stake in shares of Gates Industrial by 1.4% during the 3rd quarter. Victory Capital Management Inc. now owns 3,154,140 shares of the company’s stock valued at $78,286,000 after acquiring an additional 44,987 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Gates Industrial by 5.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 14,169,457 shares of the company’s stock valued at $312,578,000 after acquiring an additional 717,353 shares during the last quarter. Paradice Investment Management LLC lifted its holdings in shares of Gates Industrial by 8.1% during the 4th quarter. Paradice Investment Management LLC now owns 1,292,301 shares of the company’s stock worth $27,746,000 after acquiring an additional 97,382 shares during the period. Finally, Quantbot Technologies LP purchased a new position in shares of Gates Industrial during the 3rd quarter worth about $1,191,000. 98.50% of the stock is owned by hedge funds and other institutional investors.

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.