Gates Industrial (NYSE:GTES – Get 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:GTES – Get 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.
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.
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