Gates Industrial (NYSE:GTES) Releases Earnings Results, Beats Expectations By $0.06 EPS

Gates Industrial (NYSE:GTES) released its earnings results on Tuesday. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06, reports. Gates Industrial had a return on equity of 11.56% and a net margin of 23.67%. The firm had revenue of $746.60 million for the quarter, compared to analysts’ expectations of $747.15 million. During the same period in the prior year, the firm posted $0.30 earnings per share. The company’s quarterly revenue was down 9.9% on a year-over-year basis.

Shares of NYSE:GTES traded up $0.02 during midday trading on Friday, reaching $12.00. 17,108 shares of the company’s stock traded hands, compared to its average volume of 383,763. The company has a market cap of $3.40 billion, a price-to-earnings ratio of 9.38 and a beta of 2.02. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.06 and a current ratio of 2.91. Gates Industrial has a one year low of $6.76 and a one year high of $17.60. The stock has a 50 day moving average of $10.06 and a 200 day moving average of $10.87.

A number of research firms have recently commented on GTES. UBS Group cut Gates Industrial from a “buy” rating to a “neutral” rating and set a $9.50 target price on the stock. in a research note on Thursday, October 10th. Royal Bank of Canada cut Gates Industrial from an “outperform” rating to a “sector perform” rating and set a $10.00 target price on the stock. in a research note on Wednesday, October 9th. KeyCorp cut their target price on Gates Industrial from $19.00 to $15.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley set a $9.00 target price on Gates Industrial and gave the stock a “hold” rating in a research note on Monday, August 12th. Finally, ValuEngine raised Gates Industrial from a “sell” rating to a “hold” rating in a research note on Thursday, September 5th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Gates Industrial presently has a consensus rating of “Hold” and an average target price of $12.36.

In other news, major shareholder Blackstone Group Inc bought 114,000 shares of the stock in a transaction on Thursday, August 29th. The shares were bought at an average price of $8.43 per share, with a total value of $961,020.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Aggregator (Cayman) L.P. Omaha bought 264,708 shares of the stock in a transaction on Tuesday, August 13th. The stock was purchased at an average cost of $7.94 per share, for a total transaction of $2,101,781.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 1,278,808 shares of company stock worth $10,512,775. Corporate insiders own 0.71% of the company’s stock.

Gates Industrial Company Profile

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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Earnings History for Gates Industrial (NYSE:GTES)

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