Crossmark Global Holdings Inc. Acquires 46,000 Shares of Gates Industrial Corporation PLC (NYSE:GTES)

Crossmark Global Holdings Inc. raised its stake in shares of Gates Industrial Corporation PLC (NYSE:GTES - Free Report) by 91.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,179 shares of the company's stock after buying an additional 46,000 shares during the period. Crossmark Global Holdings Inc.'s holdings in Gates Industrial were worth $1,771,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. FMR LLC raised its holdings in Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock valued at $399,931,000 after buying an additional 6,383,165 shares in the last quarter. Invesco Ltd. grew its position in shares of Gates Industrial by 2.3% in the fourth quarter. Invesco Ltd. now owns 7,406,630 shares of the company's stock valued at $152,354,000 after purchasing an additional 168,328 shares during the last quarter. Fiduciary Management Inc. WI grew its position in shares of Gates Industrial by 0.3% in the fourth quarter. Fiduciary Management Inc. WI now owns 7,224,844 shares of the company's stock valued at $148,615,000 after purchasing an additional 21,191 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Gates Industrial by 1.3% in the fourth quarter. Janus Henderson Group PLC now owns 6,569,959 shares of the company's stock valued at $135,145,000 after purchasing an additional 85,253 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in shares of Gates Industrial by 25.7% in the fourth quarter. Franklin Resources Inc. now owns 4,812,887 shares of the company's stock valued at $99,001,000 after purchasing an additional 983,732 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group raised their price target on Gates Industrial from $20.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen raised Gates Industrial from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Royal Bank Of Canada raised their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. KeyCorp raised their price target on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Finally, Barclays raised their price target on Gates Industrial from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and an average target price of $23.56.

Gates Industrial Stock Performance

GTES stock traded down $0.29 during trading on Friday, reaching $24.45. 1,250,624 shares of the stock were exchanged, compared to its average volume of 2,786,132. Gates Industrial Corporation PLC has a twelve month low of $14.70 and a twelve month high of $24.92. The company has a market capitalization of $6.30 billion, a P/E ratio of 29.82 and a beta of 1.22. The stock has a 50 day simple moving average of $22.13 and a 200-day simple moving average of $20.58. The company has a current ratio of 3.33, a quick ratio of 2.35 and a debt-to-equity ratio of 0.70.

Gates Industrial (NYSE:GTES - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The business had revenue of $847.60 million for the quarter, compared to the consensus estimate of $823.56 million. Gates Industrial had a return on equity of 10.15% and a net margin of 6.39%. The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.31 earnings per share. As a group, sell-side analysts anticipate that Gates Industrial Corporation PLC will post 1.36 earnings per share for the current 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.