Gates Industrial (GTES) Set to Announce Earnings on Wednesday

Gates Industrial (NYSE:GTES) is scheduled to be posting its quarterly earnings results before the market opens on Wednesday, May 1st. Analysts expect Gates Industrial to post earnings of $0.28 per share for the quarter. Gates Industrial has set its FY24 guidance at $1.28-1.43 EPS and its FY 2024 guidance at 1.280-1.430 EPS.Parties interested in listening to the company’s conference call can do so using this link.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. The company had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. On average, analysts expect Gates Industrial to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Gates Industrial Stock Performance

NYSE GTES opened at $17.66 on Wednesday. The company has a market capitalization of $4.67 billion, a PE ratio of 20.77 and a beta of 1.57. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.25 and a current ratio of 3.08. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $17.86. The company has a 50-day simple moving average of $16.23 and a 200 day simple moving average of $13.69.

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely purchased 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average cost of $13.24 per share, with a total value of $132,400.00. Following the completion of the acquisition, the director now owns 56,664 shares in the company, valued at approximately $750,231.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the completion of the transaction, the insider now directly owns 107,324 shares in the company, valued at approximately $1,292,180.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wilson S. Neely purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the acquisition, the director now owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders purchased 1,030,492 shares of company stock valued at $12,582,402 in the last quarter. 2.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on GTES shares. KeyCorp raised shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a report on Thursday, February 22nd. Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research note on Friday, March 8th. The Goldman Sachs Group upped their price target on Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Citigroup lifted their price objective on Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Finally, TheStreet raised shares of Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.00.

Gates Industrial Company Profile

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.