Gates Industrial (NYSE:GTES) Releases FY 2022 Earnings Guidance

Gates Industrial (NYSE:GTESGet Rating) issued an update on its FY 2022 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. The company issued revenue guidance of $3.57 billion-$3.70 billion, compared to the consensus revenue estimate of $3.66 billion.

GTES has been the topic of a number of research analyst reports. Morgan Stanley cut their target price 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. Barclays reduced their target price on shares of Gates Industrial from $17.00 to $16.00 and set an equal weight rating on the stock in a report on Monday, April 4th. Zacks Investment Research raised Gates Industrial from a sell rating to a hold rating in a report on Tuesday, April 12th. Citigroup reduced their target price on Gates Industrial from $19.00 to $17.00 in a report on Thursday, May 5th. Finally, KeyCorp lowered their price target on shares of Gates Industrial from $22.00 to $20.00 and set an overweight rating for the company in a report on Tuesday, February 8th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $20.30.

Shares of Gates Industrial stock opened at $11.91 on Wednesday. The stock has a market capitalization of $3.46 billion, a PE ratio of 13.69 and a beta of 1.60. Gates Industrial has a 52-week low of $11.68 and a 52-week high of $18.94. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.80 and a quick ratio of 1.86. The business has a 50-day moving average price of $14.22.

Gates Industrial (NYSE:GTESGet Rating) last issued its earnings results on Wednesday, May 4th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The business had revenue of $893.40 million during the quarter, compared to analysts’ expectations of $867.69 million. Gates Industrial had a return on equity of 10.87% and a net margin of 7.48%. Gates Industrial’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period last year, the firm posted $0.33 EPS. On average, research analysts forecast that Gates Industrial will post 1.15 earnings per share for the current fiscal year.

In related news, major shareholder Aggregator (Cayman) L.P. Omaha sold 13,750,000 shares of the firm’s stock in a transaction 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 is available through this link. 1.07% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA grew its stake in Gates Industrial by 27.4% in the third quarter. BNP Paribas Arbitrage SA now owns 6,175 shares of the company’s stock worth $100,000 after purchasing an additional 1,328 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Gates Industrial during the 3rd quarter worth approximately $212,000. Alliancebernstein L.P. lifted its holdings in shares of Gates Industrial by 13.9% during the 4th quarter. Alliancebernstein L.P. now owns 45,213 shares of the company’s stock valued at $719,000 after purchasing an additional 5,517 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in Gates Industrial by 46.0% in the 4th quarter. Parametric Portfolio Associates LLC now owns 287,858 shares of the company’s stock worth $4,580,000 after purchasing an additional 90,711 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Gates Industrial by 5.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 350,206 shares of the company’s stock worth $5,572,000 after purchasing an additional 17,047 shares during the period.

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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