Gates Industrial (GTES) Scheduled to Post Earnings on Wednesday

Gates Industrial (NYSE:GTES) is scheduled to be issuing 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.Persons interested in registering for the company’s earnings conference call can do so using this link.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.10. Gates Industrial had a return on equity of 10.14% and a net margin of 6.52%. The company had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. 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 Trading Up 2.6 %

NYSE:GTES opened at $17.66 on Wednesday. The business’s 50-day simple moving average is $16.23 and its 200-day simple moving average is $13.69. Gates Industrial has a fifty-two week low of $10.68 and a fifty-two week high of $17.86. 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 $4.67 billion, a PE ratio of 20.77 and a beta of 1.57.

Analyst Ratings Changes

Several brokerages have recently issued reports on GTES. KeyCorp upgraded shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price objective on the stock in a report on Thursday, February 22nd. TheStreet upgraded Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Citigroup boosted their target price on Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Evercore ISI lifted their price objective on shares of Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Finally, Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research note on Friday, March 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Insiders Place Their Bets

In other news, Director Wilson S. Neely bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were bought at an average price of $13.24 per share, with a total value of $132,400.00. Following the completion of the transaction, the director now owns 56,664 shares of the company’s stock, valued at $750,231.36. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Gates Industrial news, Director Neil P. Simpkins acquired 1,000,000 shares of the company’s stock in a transaction on Friday, February 16th. The stock was acquired at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the purchase, 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 is accessible through this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average cost of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the acquisition, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders purchased 1,030,492 shares of company stock worth $12,582,402 over the last three months. Insiders own 2.30% of the company’s stock.

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.