Franklin Resources Inc. Has $99 Million Holdings in Gates Industrial Corp PLC (NYSE:GTES)

Franklin Resources Inc. lifted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 25.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,812,887 shares of the company’s stock after purchasing an additional 983,732 shares during the period. Franklin Resources Inc. owned approximately 1.89% of Gates Industrial worth $99,001,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. State Street Corp lifted its holdings in Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company’s stock worth $114,485,000 after buying an additional 3,459,450 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Gates Industrial by 1,185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company’s stock valued at $69,187,000 after acquiring an additional 3,101,738 shares during the last quarter. Norges Bank acquired a new stake in Gates Industrial in the fourth quarter worth about $56,520,000. Zimmer Partners LP raised its holdings in Gates Industrial by 141.2% during the 3rd quarter. Zimmer Partners LP now owns 4,213,452 shares of the company’s stock worth $73,946,000 after purchasing an additional 2,466,543 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Gates Industrial during the 4th quarter valued at about $42,080,000. 98.50% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Fredrik J. Eliasson bought 60,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $19.56 per share, with a total value of $1,173,600.00. Following the acquisition, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GTES shares. Jefferies Financial Group lifted their price target on shares of Gates Industrial from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada increased 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. Citigroup decreased their price objective on Gates Industrial from $27.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, January 13th. The Goldman Sachs Group lowered their target price on shares of Gates Industrial from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Finally, KeyCorp upped their price objective on shares of Gates Industrial from $23.00 to $27.00 and gave the company 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Gates Industrial Price Performance

Shares of GTES opened at $19.25 on Thursday. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. Gates Industrial Corp PLC has a twelve month low of $15.14 and a twelve month high of $23.85. The stock has a market capitalization of $4.92 billion, a P/E ratio of 26.37 and a beta of 1.24. The company has a 50 day moving average of $20.66 and a 200-day moving average of $20.19.

Gates Industrial (NYSE:GTES) last announced 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%. As a group, equities research analysts forecast that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Gates Industrial 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.