Franklin Resources Inc. Purchases 983,732 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Franklin Resources Inc. increased its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 25.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,812,887 shares of the company's stock after buying an additional 983,732 shares during the quarter. Franklin Resources Inc. owned 1.89% of Gates Industrial worth $99,001,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Stifel Financial Corp lifted its holdings in shares of Gates Industrial by 40.3% in the third quarter. Stifel Financial Corp now owns 139,338 shares of the company's stock worth $2,445,000 after acquiring an additional 40,027 shares during the last quarter. Park Avenue Securities LLC increased its position in Gates Industrial by 29.1% during the 4th quarter. Park Avenue Securities LLC now owns 49,939 shares of the company's stock worth $1,027,000 after purchasing an additional 11,251 shares in the last quarter. Wexford Capital LP bought a new position in Gates Industrial in the 3rd quarter valued at approximately $456,000. Citigroup Inc. boosted its position in Gates Industrial by 38.4% in the third quarter. Citigroup Inc. now owns 245,335 shares of the company's stock valued at $4,306,000 after buying an additional 68,130 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Gates Industrial by 29.0% during the fourth quarter. GAMMA Investing LLC now owns 5,026 shares of the company's stock worth $103,000 after buying an additional 1,130 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

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Gates Industrial Stock Down 1.3 %

Shares of GTES stock traded down $0.21 on Monday, reaching $15.59. 1,221,443 shares of the company were exchanged, compared to its average volume of 2,931,855. The company has a 50-day moving average of $20.48 and a 200-day moving average of $20.20. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 21.33 and a beta of 1.24. The company has a debt-to-equity ratio of 0.72, a current ratio of 3.20 and a quick ratio of 2.26. Gates Industrial Corp PLC has a one year low of $14.85 and a one year high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Analysts anticipate that Gates Industrial Corp PLC will post 1.36 earnings per share for the current year.

Insider Buying and Selling at Gates Industrial

In related news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the completion of the purchase, the director now directly owns 188,452 shares of the company's stock, valued at $3,686,121.12. This trade represents a 46.71 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Citigroup cut their price objective on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Royal Bank of Canada lifted their price target on Gates Industrial from $25.00 to $27.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Barclays reduced their price target on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating on the stock in a report on Wednesday, March 26th. Evercore ISI raised their price target on shares of Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Finally, KeyCorp raised their target price on Gates Industrial from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Gates Industrial Company Profile

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.