Gates Industrial (GTES) to Release Earnings on Wednesday

Gates Industrial (NYSE:GTES) is set to announce its earnings results before the market opens on Wednesday, July 31st. Analysts expect the company to announce earnings of $0.33 per share for the quarter. Gates Industrial has set its FY24 guidance at $1.28-1.43 EPS.Investors interested in listening to the company’s conference call can do so using this link.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.29 earnings per share (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 Price Performance

GTES stock opened at $17.75 on Tuesday. The company has a market capitalization of $4.64 billion, a P/E ratio of 19.51 and a beta of 1.44. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.15 and a current ratio of 3.06. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $17.99. The business has a 50-day simple moving average of $16.58 and a two-hundred day simple moving average of $15.98.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GTES shares. The Goldman Sachs Group lifted their price target on Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Robert W. Baird boosted their target price on Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Barclays cut their target price on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock 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 stock a “buy” rating in a research note on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

Insider Transactions at Gates Industrial

In related news, major shareholder Blackstone Inc. sold 20,125,000 shares of Gates Industrial stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $16.33, for a total value of $328,641,250.00. Following the sale, the insider now owns 77,326 shares of the company’s stock, valued at approximately $1,262,733.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.

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.