Gates Industrial (NYSE:GTES) Releases FY 2024 Earnings Guidance

Gates Industrial (NYSE:GTES) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 1.280-1.430 for the period, compared to the consensus estimate of 1.400. The company issued revenue guidance of $3.5 billion-$3.6 billion, compared to the consensus revenue estimate of $3.6 billion.

Gates Industrial Price Performance

Shares of GTES opened at $17.70 on Friday. The business has a 50-day moving average of $14.73 and a 200-day moving average of $12.97. Gates Industrial has a 1 year low of $10.68 and a 1 year high of $17.81. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of 20.82 and a beta of 1.55. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.08 and a quick ratio of 2.25.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. As a group, equities research analysts anticipate that Gates Industrial will post 1.32 earnings per share for the current year.

Wall Street Analyst Weigh In

GTES has been the subject of a number of research analyst reports. Wolfe Research upgraded Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 target price for the company in a report on Friday, March 8th. KeyCorp upgraded shares of Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 target price on the stock in a research report on Thursday, February 22nd. Jefferies Financial Group initiated coverage on shares of Gates Industrial in a research note on Thursday, February 29th. They issued a buy rating and a $21.00 price target for the company. Evercore ISI increased their price objective on shares of Gates Industrial from $12.50 to $14.00 and gave the stock an in-line rating in a research report on Tuesday, February 20th. Finally, TheStreet raised Gates Industrial from a c+ rating to a b- rating in a research report on Monday, January 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $17.17.

Insider Activity

In other Gates Industrial news, CEO Ivo Jurek bought 20,492 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were purchased at an average price of $12.20 per share, for a total transaction of $250,002.40. Following the purchase, the chief executive officer now directly owns 626,088 shares of the company’s stock, valued at $7,638,273.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Neil P. Simpkins bought 1,000,000 shares of Gates Industrial stock in a transaction dated Friday, February 16th. The stock was purchased at an average cost of $12.20 per share, with a total value of $12,200,000.00. Following the transaction, the director now directly owns 1,000,000 shares of the company’s stock, valued at $12,200,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ivo Jurek purchased 20,492 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were bought at an average price of $12.20 per share, with a total value of $250,002.40. Following the purchase, the chief executive officer now owns 626,088 shares in the company, valued at $7,638,273.60. The disclosure for this purchase can be found here. Insiders bought a total of 1,030,492 shares of company stock worth $12,582,402 over the last quarter. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Gates Industrial

Institutional investors and hedge funds have recently bought and sold shares of the company. Natixis Advisors L.P. grew its stake in shares of Gates Industrial by 2.1% during the 2nd quarter. Natixis Advisors L.P. now owns 47,443 shares of the company’s stock worth $640,000 after acquiring an additional 982 shares during the period. Public Employees Retirement System of Ohio boosted its position in Gates Industrial by 1.7% during the third quarter. Public Employees Retirement System of Ohio now owns 59,458 shares of the company’s stock worth $580,000 after purchasing an additional 1,010 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Gates Industrial by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,784 shares of the company’s stock worth $234,000 after purchasing an additional 1,060 shares in the last quarter. Mariner LLC raised its position in shares of Gates Industrial by 3.2% in the first quarter. Mariner LLC now owns 38,507 shares of the company’s stock valued at $580,000 after purchasing an additional 1,212 shares during the period. Finally, Prelude Capital Management LLC lifted its stake in shares of Gates Industrial by 7.4% during the 1st quarter. Prelude Capital Management LLC now owns 20,565 shares of the company’s stock valued at $310,000 after buying an additional 1,415 shares in the last quarter. 98.50% of the stock is owned by institutional investors.

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.