Gates Industrial (GTES) Scheduled to Post Quarterly Earnings on Wednesday

Gates Industrial (NYSE:GTES) is scheduled to issue its quarterly earnings data before the market opens on Wednesday, May 1st. Analysts expect the company to announce 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.Individual that wish to register for the company’s earnings conference call can do so using this link.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to analysts’ expectations of $892.40 million. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. 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 Down 0.1 %

GTES stock opened at $17.71 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of 20.85 and a beta of 1.57. The business’s fifty day moving average price is $16.59 and its two-hundred day moving average price is $13.86. Gates Industrial has a fifty-two week low of $10.68 and a fifty-two week high of $17.89.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research report on Friday, March 8th. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Evercore ISI raised their price target on Gates Industrial from $12.50 to $14.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. The Goldman Sachs Group raised their price target on Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Finally, KeyCorp upgraded Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a research report on Thursday, February 22nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.00.

Insider Activity

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

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.