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

Franklin Resources Inc. boosted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 25.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,812,887 shares of the company’s stock after purchasing an additional 983,732 shares during the period. Franklin Resources Inc.’s holdings in Gates Industrial were worth $99,001,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Citigroup Inc. raised its holdings in Gates Industrial by 38.4% in the 3rd 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Gates Industrial by 15.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,197 shares of the company’s stock valued at $735,000 after acquiring an additional 5,643 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Gates Industrial by 91.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 563,407 shares of the company’s stock valued at $9,888,000 after acquiring an additional 268,484 shares during the last quarter. Benjamin Edwards Inc. lifted its holdings in shares of Gates Industrial by 69.1% during the third quarter. Benjamin Edwards Inc. now owns 30,558 shares of the company’s stock worth $536,000 after purchasing an additional 12,482 shares during the period. Finally, HighTower Advisors LLC bought a new stake in shares of Gates Industrial in the third quarter worth $179,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Transactions at Gates Industrial

In other Gates Industrial news, Director Fredrik J. Eliasson bought 60,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the acquisition, the director now directly owns 188,452 shares of the company’s stock, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Gates Industrial Trading Up 3.7 %

NYSE:GTES opened at $19.25 on Thursday. The firm has a fifty day simple moving average of $20.66 and a two-hundred day simple moving average of $20.19. Gates Industrial Corp PLC has a 12 month low of $15.14 and a 12 month high of $23.85. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 26.37 and a beta of 1.24. The company has a current ratio of 3.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.72.

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. Analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GTES has been the subject of several analyst reports. Evercore ISI raised their target price on Gates Industrial from $22.00 to $23.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 19th. Citigroup cut their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. The Goldman Sachs Group reduced their target price on Gates Industrial from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Royal Bank of Canada raised their price target on shares of Gates Industrial from $25.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, Jefferies Financial Group upped their price objective on shares of Gates Industrial from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.