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Principal Financial Group Inc. Grows Stake in Gates Industrial Corp PLC (NYSE:GTES)

Gates Industrial logo with Industrial Products background

Principal Financial Group Inc. increased its stake in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 6,879.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,063,838 shares of the company's stock after purchasing an additional 1,048,596 shares during the quarter. Principal Financial Group Inc. owned 0.42% of Gates Industrial worth $18,670,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Franklin Resources Inc. grew its holdings in Gates Industrial by 138.0% during the 3rd quarter. Franklin Resources Inc. now owns 3,829,155 shares of the company's stock valued at $68,159,000 after purchasing an additional 2,220,277 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Gates Industrial during the third quarter valued at approximately $1,376,000. Geode Capital Management LLC raised its holdings in shares of Gates Industrial by 16.0% in the third quarter. Geode Capital Management LLC now owns 3,460,855 shares of the company's stock worth $60,755,000 after buying an additional 476,962 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Gates Industrial during the 3rd quarter worth approximately $408,000. Finally, MML Investors Services LLC boosted its holdings in Gates Industrial by 10.9% during the 3rd quarter. MML Investors Services LLC now owns 84,684 shares of the company's stock valued at $1,486,000 after acquiring an additional 8,301 shares during the period. Hedge funds and other institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Citigroup increased their target price on Gates Industrial from $24.00 to $27.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Barclays upgraded shares of Gates Industrial from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $21.00 to $25.00 in a report on Thursday, December 5th. Royal Bank of Canada upped their target price on shares of Gates Industrial from $22.00 to $26.00 and gave the stock an "outperform" rating in a research note on Thursday, December 12th. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $21.00 to $24.00 and gave the stock a "neutral" rating in a research report on Thursday, December 12th. Finally, Jefferies Financial Group boosted their price target on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.80.

Read Our Latest Stock Analysis on Gates Industrial

Gates Industrial Stock Down 1.7 %

Gates Industrial stock traded down $0.35 during mid-day trading on Friday, reaching $20.67. 1,024,930 shares of the company were exchanged, compared to its average volume of 3,017,256. Gates Industrial Corp PLC has a 12-month low of $12.40 and a 12-month high of $23.34. The business has a fifty day moving average of $20.88 and a 200 day moving average of $18.32. The firm has a market cap of $5.27 billion, a P/E ratio of 24.90 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02.

Gates Industrial Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Gates Industrial (NYSE:GTES)

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