Gates Industrial (NYSE:GTES) Issues FY24 Earnings Guidance

Gates Industrial (NYSE:GTESGet Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $1.28-1.43 for the period, compared to the consensus EPS estimate of $1.35. The company issued revenue guidance of (3%) to 1% to $3.46-3.61 billion, compared to the consensus revenue estimate of $3.63 billion. Gates Industrial also updated its FY 2024 guidance to 1.280-1.430 EPS.

Gates Industrial Stock Up 1.2 %

Gates Industrial stock opened at $12.68 on Friday. The firm has a market cap of $3.35 billion, a PE ratio of 14.92 and a beta of 1.54. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.14 and a current ratio of 2.97. The firm’s 50 day moving average price is $12.95 and its two-hundred day moving average price is $12.21. Gates Industrial has a twelve month low of $10.68 and a twelve month high of $14.93.

Wall Street Analysts Forecast Growth

Separately, TheStreet upgraded shares of Gates Industrial from a c+ rating to a b- rating in a research note on Monday, January 8th.

Get Our Latest Research Report on GTES

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GTES. Raymond James & Associates raised its holdings in shares of Gates Industrial by 4.6% during the 1st quarter. Raymond James & Associates now owns 269,329 shares of the company’s stock valued at $4,056,000 after purchasing an additional 11,792 shares in the last quarter. US Bancorp DE raised its holdings in Gates Industrial by 8.9% in the 1st quarter. US Bancorp DE now owns 36,855 shares of the company’s stock worth $556,000 after acquiring an additional 3,003 shares during the period. Citigroup Inc. raised its holdings in Gates Industrial by 2,781.5% in the 1st quarter. Citigroup Inc. now owns 231,070 shares of the company’s stock worth $3,480,000 after acquiring an additional 223,051 shares during the period. PNC Financial Services Group Inc. raised its holdings in Gates Industrial by 221.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,072 shares of the company’s stock worth $182,000 after acquiring an additional 8,315 shares during the period. Finally, Natixis Advisors L.P. raised its holdings in Gates Industrial by 2.3% in the 1st quarter. Natixis Advisors L.P. now owns 80,101 shares of the company’s stock worth $1,206,000 after acquiring an additional 1,793 shares during the period. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Company Profile

(Get Free Report)

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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