Gates Industrial (NYSE:GTES) Releases FY24 Earnings Guidance

Gates Industrial (NYSE:GTES) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.28-1.43 for the period, compared to the consensus estimate of $1.42. The company issued revenue guidance of (3%) to 1% to $3.46-3.61 billion, compared to the consensus revenue estimate of $3.57 billion.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GTES. 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 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 report on Friday, March 8th. The Goldman Sachs Group raised their target price on Gates Industrial from $16.00 to $18.00 and gave the company a neutral rating in a report on Tuesday, April 16th. TheStreet upgraded Gates Industrial from a c+ rating to a b- rating in a report on Monday, January 8th. Finally, Evercore ISI raised their target price on Gates Industrial from $12.50 to $14.00 and gave the company an in-line rating in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $18.78.

Gates Industrial Stock Down 1.7 %

GTES stock opened at $16.18 on Friday. Gates Industrial has a fifty-two week low of $10.68 and a fifty-two week high of $17.99. The business’s 50 day moving average price is $16.88 and its two-hundred day moving average price is $14.02. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.25 and a current ratio of 3.06. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 17.78 and a beta of 1.54.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings results 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 company had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. As a group, analysts forecast that Gates Industrial will post 1.32 earnings per share for the current fiscal year.

Insider Activity at Gates Industrial

In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction on 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 transaction, the insider now directly owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Blackstone Inc. sold 24,276,100 shares of the stock in a transaction on 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 transaction, the insider now directly owns 107,324 shares of the company’s stock, valued at approximately $1,292,180.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Neil P. Simpkins acquired 1,000,000 shares of Gates Industrial stock in a transaction dated Friday, February 16th. The stock was bought at an average price of $12.20 per share, with a total value of $12,200,000.00. Following the completion of the purchase, the director now directly owns 1,000,000 shares in the company, valued at $12,200,000. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 1,030,492 shares of company stock valued at $12,582,402. 2.30% of the stock is owned by corporate insiders.

About Gates Industrial

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.