Gates Industrial (NYSE:GTES) Updates FY 2021 Earnings Guidance

Gates Industrial (NYSE:GTES) updated its FY 2021 earnings guidance on Tuesday. The company provided earnings per share guidance of $- for the period. The company issued revenue guidance of $3.34 billion-3.42 billion, compared to the consensus revenue estimate of $3.29 billion.

NYSE:GTES traded down $0.03 during mid-day trading on Thursday, hitting $18.13. 13,479 shares of the company’s stock were exchanged, compared to its average volume of 712,993. Gates Industrial has a one year low of $9.60 and a one year high of $18.94. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.93 and a current ratio of 2.64. The company has a fifty day moving average price of $17.37. The stock has a market cap of $5.26 billion, a P/E ratio of 49.08 and a beta of 1.84.

Gates Industrial (NYSE:GTES) last issued its earnings results on Sunday, May 9th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.02. The firm had revenue of $881.30 million for the quarter, compared to the consensus estimate of $830.97 million. Gates Industrial had a net margin of 3.75% and a return on equity of 7.88%. The business’s revenue was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 earnings per share. Equities analysts predict that Gates Industrial will post 1.25 earnings per share for the current fiscal year.

A number of brokerages have commented on GTES. KeyCorp upped their target price on shares of Gates Industrial from $20.00 to $22.00 and gave the company an overweight rating in a report on Tuesday, May 11th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their target price on shares of Gates Industrial from $22.00 to $24.00 in a report on Tuesday, May 11th. Morgan Stanley upped their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock an equal weight rating in a research report on Tuesday, May 11th. Barclays upped their price target on shares of Gates Industrial from $18.00 to $19.00 and gave the stock an overweight rating in a research report on Tuesday, April 6th. Finally, Robert W. Baird initiated coverage on shares of Gates Industrial in a research report on Tuesday, May 25th. They issued an outperform rating and a $26.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $21.10.

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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