Gates Industrial (NYSE:GTES) Releases FY22 Earnings Guidance

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

NYSE:GTES traded down $0.42 during trading hours on Friday, reaching $12.55. The company had a trading volume of 1,034,859 shares, compared to its average volume of 877,417. 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 business’s 50-day simple moving average is $14.36 and its two-hundred day simple moving average is $15.46. Gates Industrial has a twelve month low of $12.37 and a twelve month high of $18.94.

Gates Industrial (NYSE:GTESGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The firm had revenue of $893.40 million during the quarter, compared to analyst estimates of $867.69 million. Gates Industrial had a return on equity of 10.83% and a net margin of 7.48%. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS. Analysts expect that Gates Industrial will post 1.15 EPS for the current fiscal year.

Several equities analysts have recently issued reports on GTES shares. Morgan Stanley reduced their target price on Gates Industrial from $17.00 to $16.00 and set an equal weight rating for the company in a report on Thursday, April 7th. Wolfe Research lowered Gates Industrial from an outperform rating to a peer perform rating in a report on Wednesday, April 6th. KeyCorp reduced their price objective on Gates Industrial from $22.00 to $20.00 and set an overweight rating for the company in a report on Tuesday, February 8th. TheStreet lowered Gates Industrial from a b- rating to a c rating in a report on Wednesday. Finally, Barclays reduced their price objective on Gates Industrial from $17.00 to $16.00 and set an equal weight rating for the company in a report on Monday, April 4th. Five research 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, Gates Industrial currently has an average rating of Hold and a consensus target price of $20.30.

In other Gates Industrial news, major shareholder Aggregator (Cayman) L.P. Omaha sold 13,750,000 shares of Gates Industrial stock in a transaction that occurred on 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 legal filing with the SEC, which can be accessed through the SEC website. 0.76% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Gates Industrial during the fourth quarter valued at approximately $6,329,000. 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 valued at $58,455,000 after acquiring an additional 99,119 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in shares of Gates Industrial by 46.0% during the fourth quarter. Parametric Portfolio Associates LLC now owns 287,858 shares of the company’s stock valued at $4,580,000 after acquiring an additional 90,711 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Gates Industrial by 42.8% during the fourth quarter. Sei Investments Co. now owns 557,583 shares of the company’s stock valued at $8,892,000 after acquiring an additional 167,158 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Gates Industrial by 13.9% during the fourth quarter. Alliancebernstein L.P. now owns 45,213 shares of the company’s stock valued at $719,000 after acquiring an additional 5,517 shares in the last quarter.

About Gates Industrial (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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