Gates Industrial Corp PLC (NYSE:GTES) Expected to Announce Quarterly Sales of $926.61 Million

Equities research analysts expect Gates Industrial Corp PLC (NYSE:GTES – Get Rating) to post $926.61 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Gates Industrial’s earnings, with estimates ranging from $918.02 million to $935.20 million. Gates Industrial reported sales of $915.10 million during the same quarter last year, which indicates a positive year over year growth rate of 1.3%. The firm is expected to report its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Gates Industrial will report full-year sales of $3.71 billion for the current financial year, with estimates ranging from $3.70 billion to $3.73 billion. For the next year, analysts expect that the business will report sales of $3.87 billion, with estimates ranging from $3.87 billion to $3.88 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Gates Industrial.

Gates Industrial (NYSE:GTES – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $893.40 million during the quarter, compared to analyst estimates of $867.69 million. Gates Industrial had a net margin of 7.48% and a return on equity of 10.87%. The business’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.33 EPS.

Several brokerages have recently weighed in on GTES. TheStreet lowered shares of Gates Industrial from a “b-” rating to a “c” rating in a research report on Wednesday, May 4th. Citigroup lowered their price target on shares of Gates Industrial from $19.00 to $17.00 in a research report on Thursday, May 5th. Zacks Investment Research cut shares of Gates Industrial from a “hold” rating to a “sell” rating in a report on Friday, May 13th. KeyCorp dropped 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. Finally, Wolfe Research downgraded Gates Industrial from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $19.13.

Shares of GTES opened at $12.72 on Friday. The firm has a market capitalization of $3.69 billion, a PE ratio of 14.62 and a beta of 1.60. The company’s 50-day moving average is $13.48 and its 200-day moving average is $15.04. Gates Industrial has a fifty-two week low of $11.57 and a fifty-two 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 1.89.

In related news, major shareholder Aggregator (Cayman) L.P. Omaha sold 13,750,000 shares of the company’s stock in a transaction on Wednesday, March 30th. The stock was sold at an average price of $15.14, for a total transaction of $208,175,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.76% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Advisory Services Network LLC increased its holdings in Gates Industrial by 4.9% in the 1st quarter. Advisory Services Network LLC now owns 40,209 shares of the company’s stock worth $605,000 after purchasing an additional 1,889 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Gates Industrial by 90.6% in the first quarter. BNP Paribas Arbitrage SA now owns 11,379 shares of the company’s stock valued at $171,000 after buying an additional 5,409 shares during the period. Auxier Asset Management increased its stake in shares of Gates Industrial by 2.3% in the first quarter. Auxier Asset Management now owns 113,049 shares of the company’s stock valued at $1,703,000 after buying an additional 2,500 shares during the period. Eaton Vance Management acquired a new stake in shares of Gates Industrial in the first quarter valued at about $341,000. Finally, First Manhattan Co. increased its stake in shares of Gates Industrial by 3.7% in the first quarter. First Manhattan Co. now owns 1,340,102 shares of the company’s stock valued at $20,181,000 after buying an additional 47,411 shares during the period.

Gates Industrial Company Profile (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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