Gates Industrial (GTES) Scheduled to Post Quarterly Earnings on Wednesday

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

Gates Industrial (NYSE:GTES) last issued its earnings results on Thursday, February 8th. The company reported $0.37 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 business 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 Stock Down 0.1 %

Shares of NYSE GTES opened at $17.71 on Tuesday. Gates Industrial has a 52 week low of $10.68 and a 52 week high of $17.89. The business has a 50-day simple moving average of $16.59 and a two-hundred day simple moving average of $13.86. The company has a quick ratio of 2.25, a current ratio of 3.08 and a debt-to-equity ratio of 0.70. The company has a market cap of $4.68 billion, a P/E ratio of 20.85 and a beta of 1.57.

Insider Activity at Gates Industrial

In other news, CEO Ivo Jurek acquired 20,492 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were bought at an average cost of $12.20 per share, with a total value of $250,002.40. Following the acquisition, the chief executive officer now owns 626,088 shares in the company, valued at approximately $7,638,273.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Blackstone Inc. sold 24,276,100 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $12.04, for a total transaction of $292,284,244.00. Following the transaction, the insider now directly owns 107,324 shares in the company, valued at approximately $1,292,180.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ivo Jurek purchased 20,492 shares of Gates Industrial stock in a transaction that occurred on Friday, February 16th. The shares were bought at an average price of $12.20 per share, for a total transaction of $250,002.40. Following the completion of the transaction, the chief executive officer now owns 626,088 shares in the company, valued at $7,638,273.60. The disclosure for this purchase can be found here. In the last three months, insiders have bought 1,030,492 shares of company stock valued at $12,582,402. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on GTES shares. Wolfe Research upgraded Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price for the company in a research note on Friday, March 8th. Evercore ISI raised their price target on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. TheStreet raised Gates Industrial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. KeyCorp raised Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price target on the stock in a report on Thursday, February 22nd. Finally, The Goldman Sachs Group raised their price target on Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

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.