Zacks: Brokerages Expect Gates Industrial Corp PLC (NYSE:GTES) Will Announce Quarterly Sales of $868.89 Million

Equities research analysts predict that Gates Industrial Corp PLC (NYSE:GTESGet Rating) will announce $868.89 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Gates Industrial’s earnings. The highest sales estimate is $872.50 million and the lowest is $865.28 million. Gates Industrial reported sales of $881.30 million during the same quarter last year, which would suggest a negative year over year growth rate of 1.4%. The firm is scheduled to report its next earnings results on Monday, January 1st.

On average, analysts expect that Gates Industrial will report full year sales of $3.68 billion for the current fiscal year. For the next year, analysts anticipate that the firm will post sales of $3.83 billion, with estimates ranging from $3.83 billion to $3.84 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Gates Industrial.

Gates Industrial (NYSE:GTESGet Rating) last released its earnings results on Monday, February 7th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.11. Gates Industrial had a net margin of 8.55% and a return on equity of 12.12%. The company had revenue of $815.60 million for the quarter, compared to analyst estimates of $815.72 million. During the same period in the prior year, the business earned $0.20 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis.

Several research analysts have issued reports on GTES shares. Morgan Stanley lowered their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 7th. Wolfe Research downgraded shares of Gates Industrial from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 6th. Zacks Investment Research raised shares of Gates Industrial from a “sell” rating to a “hold” rating in a report on Tuesday. Barclays cut their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Monday, April 4th. Finally, KeyCorp cut their price objective on shares of Gates Industrial from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, February 8th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $21.00.

In other news, major shareholder Aggregator (Cayman) L.P. Omaha sold 13,750,000 shares of the company’s stock in a transaction dated Wednesday, March 30th. The stock was sold at an average price of $15.14, for a total value of $208,175,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.76% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Quent Capital LLC acquired a new position in shares of Gates Industrial in the fourth quarter worth about $53,000. BNP Paribas Arbitrage SA grew its stake in Gates Industrial by 27.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,175 shares of the company’s stock valued at $100,000 after purchasing an additional 1,328 shares in the last quarter. SG Americas Securities LLC increased its holdings in Gates Industrial by 19.8% during the 4th quarter. SG Americas Securities LLC now owns 7,539 shares of the company’s stock worth $120,000 after purchasing an additional 1,247 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Gates Industrial by 96.8% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 9,553 shares of the company’s stock valued at $155,000 after purchasing an additional 4,700 shares in the last quarter. Finally, Khrom Capital Management LLC purchased a new position in shares of Gates Industrial during the 3rd quarter valued at approximately $179,000.

Shares of NYSE:GTES opened at $13.21 on Friday. The company’s fifty day moving average price is $15.13 and its 200 day moving average price is $15.85. Gates Industrial has a 12 month low of $12.76 and a 12 month high of $18.94. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.66 and a quick ratio of 1.86. The firm has a market capitalization of $3.83 billion, a P/E ratio of 13.21 and a beta of 1.60.

Gates Industrial Company Profile (Get Rating)

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.

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