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

Gates Industrial (NYSE:GTES) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 1.280-1.430 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on GTES shares. 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 report on Friday, March 8th. Jefferies Financial Group started coverage on shares of Gates Industrial in a research report on Thursday, February 29th. They issued a buy rating and a $21.00 price target on the stock. KeyCorp upgraded shares of Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 price target on the stock in a research report on Thursday, February 22nd. Evercore ISI boosted their price target 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 upgraded shares of Gates Industrial from a c+ rating to a b- rating in a research report on Monday, January 8th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $17.17.

Gates Industrial Stock Down 0.2 %

Gates Industrial stock opened at $17.70 on Friday. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. Gates Industrial has a 12-month low of $10.68 and a 12-month high of $17.81. The firm’s fifty day moving average is $14.73 and its 200 day moving average is $12.97. The company has a market capitalization of $4.68 billion, a PE ratio of 20.82 and a beta of 1.55.

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

Insider Activity at Gates Industrial

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

Institutional Trading of Gates Industrial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted its holdings in Gates Industrial by 207.3% during the first quarter. Tower Research Capital LLC TRC now owns 2,354 shares of the company’s stock worth $33,000 after purchasing an additional 1,588 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Gates Industrial during the 1st quarter worth approximately $45,000. Quarry LP purchased a new position in shares of Gates Industrial in the 1st quarter worth approximately $51,000. Bessemer Group Inc. purchased a new position in shares of Gates Industrial in the 4th quarter worth approximately $79,000. Finally, BNP Paribas Arbitrage SNC boosted its stake in shares of Gates Industrial by 35.2% in the 1st quarter. BNP Paribas Arbitrage SNC now owns 6,927 shares of the company’s stock worth $96,000 after buying an additional 1,804 shares during the last quarter. Institutional investors own 98.50% 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.