Analysts forecast that Gates Industrial Corp PLC (NYSE:GTES) will announce $835.30 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Gates Industrial’s earnings, with the lowest sales estimate coming in at $833.60 million and the highest estimate coming in at $837.00 million. The firm is expected to issue its next earnings results on Wednesday, November 7th.
On average, analysts expect that Gates Industrial will report full-year sales of $3.40 billion for the current financial year, with estimates ranging from $3.39 billion to $3.41 billion. For the next financial year, analysts anticipate that the business will post sales of $3.59 billion per share, with estimates ranging from $3.58 billion to $3.62 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Gates Industrial.
Gates Industrial (NYSE:GTES) last posted its quarterly earnings results on Wednesday, August 1st. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.07. The business had revenue of $875.10 million for the quarter, compared to analyst estimates of $860.95 million.
A number of brokerages have issued reports on GTES. Citigroup set a $23.00 price objective on Gates Industrial and gave the company a “buy” rating in a report on Monday, June 11th. Zacks Investment Research raised Gates Industrial from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective for the company in a report on Friday, August 3rd. Royal Bank of Canada reissued a “buy” rating and set a $21.00 price objective on shares of Gates Industrial in a report on Thursday, August 2nd. Finally, Morgan Stanley cut their price objective on Gates Industrial from $22.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, August 2nd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $21.22.
Several hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC bought a new position in shares of Gates Industrial in the first quarter valued at about $108,000. Cubist Systematic Strategies LLC bought a new position in shares of Gates Industrial in the first quarter valued at about $180,000. Diversified Trust Co bought a new position in shares of Gates Industrial in the first quarter valued at about $191,000. Teacher Retirement System of Texas bought a new position in shares of Gates Industrial in the second quarter valued at about $191,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Gates Industrial by 46,566.7% in the second quarter. PNC Financial Services Group Inc. now owns 12,600 shares of the company’s stock valued at $206,000 after buying an additional 12,573 shares during the last quarter.
GTES opened at $19.18 on Friday. Gates Industrial has a fifty-two week low of $14.60 and a fifty-two week high of $20.00. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.75 and a current ratio of 2.47. The firm has a market cap of $5.46 billion and a price-to-earnings ratio of 23.39.
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.
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