Gates Industrial (GTES) to Release Earnings on Wednesday

Gates Industrial (NYSE:GTES) will be posting its quarterly earnings results before the market opens on Wednesday, July 31st. Analysts expect Gates Industrial to post earnings of $0.33 per share for the quarter. Gates Industrial has set its FY24 guidance at $1.28-1.43 EPS.Individual that wish to register for the company’s earnings conference call can do so using this link.

Gates Industrial (NYSE:GTES) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $862.60 million during the quarter, compared to the consensus estimate of $866.00 million. Gates Industrial had a return on equity of 10.52% and a net margin of 6.97%. 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 Down 0.5 %

NYSE GTES opened at $17.75 on Tuesday. The stock has a 50-day simple moving average of $16.58 and a 200 day simple moving average of $15.98. The company has a market capitalization of $4.64 billion, a PE ratio of 19.51 and a beta of 1.44. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. Gates Industrial has a 12 month low of $10.68 and a 12 month high of $17.99.

Insider Transactions at Gates Industrial

In other news, major shareholder Blackstone Inc. sold 20,125,000 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $16.33, for a total transaction of $328,641,250.00. Following the completion of the transaction, the insider now directly owns 77,326 shares of the company’s stock, valued at $1,262,733.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Robert W. Baird boosted their target price on Gates Industrial from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. The Goldman Sachs Group boosted their target price on Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Barclays decreased their target price on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 4th. Finally, 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. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

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.