Gates Industrial (NYSE:GTES) Updates FY22 Earnings Guidance

Gates Industrial (NYSE:GTESGet Rating) issued an update on its FY22 earnings guidance on Wednesday morning. The company provided EPS guidance of $1.20-$1.30 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.26.

GTES opened at $13.09 on Wednesday. Gates Industrial has a one year low of $12.62 and a one year high of $18.94. The company has a current ratio of 2.66, a quick ratio of 1.86 and a debt-to-equity ratio of 0.76. The firm’s 50 day moving average is $14.52.

Gates Industrial (NYSE:GTESGet Rating) last released its quarterly earnings results on Monday, February 7th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $815.60 million for the quarter, compared to analysts’ expectations of $815.72 million. During the same period in the prior year, the firm earned $0.20 earnings per share. Gates Industrial’s revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts anticipate that Gates Industrial will post 1.15 EPS for the current fiscal year.

Several analysts have recently commented on GTES shares. Barclays decreased their price target on shares of Gates Industrial from $17.00 to $16.00 and set an equal weight rating on the stock in a research note on Monday, April 4th. KeyCorp reduced their price objective on shares of Gates Industrial from $22.00 to $20.00 and set an overweight rating on the stock in a research note on Tuesday, February 8th. Morgan Stanley reduced 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 note on Thursday, April 7th. Wolfe Research cut shares of Gates Industrial from an outperform rating to a peer perform rating in a research note on Wednesday, April 6th. Finally, Zacks Investment Research raised shares of Gates Industrial from a sell rating to a hold rating in a research note on Tuesday, April 12th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $21.00.

In other news, major shareholder Aggregator (Cayman) L.P. Omaha sold 13,750,000 shares of Gates Industrial stock in a transaction on Wednesday, March 30th. The shares were sold at an average price of $15.14, for a total transaction of $208,175,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.07% of the company’s stock.

Several large investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in shares of Gates Industrial by 2.8% during the fourth quarter. BlackRock Inc. now owns 3,674,011 shares of the company’s stock worth $58,455,000 after acquiring an additional 99,119 shares during the period. State Street Corp raised its holdings in shares of Gates Industrial by 8.0% during the fourth quarter. State Street Corp now owns 1,220,683 shares of the company’s stock worth $19,421,000 after acquiring an additional 89,898 shares during the period. Morgan Stanley raised its holdings in shares of Gates Industrial by 11.9% during the second quarter. Morgan Stanley now owns 676,550 shares of the company’s stock worth $12,225,000 after acquiring an additional 72,144 shares during the period. Sei Investments Co. increased its stake in Gates Industrial by 42.8% in the 4th quarter. Sei Investments Co. now owns 557,583 shares of the company’s stock valued at $8,892,000 after buying an additional 167,158 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Gates Industrial by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 480,924 shares of the company’s stock valued at $7,652,000 after buying an additional 12,285 shares during the last quarter.

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.

Read More

Receive News & Ratings for Gates Industrial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gates Industrial and related companies with MarketBeat.com's FREE daily email newsletter.