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

Gates Industrial (NYSE:GTESGet Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 1.280-1.430 for the period, compared to the consensus 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.

Gates Industrial Stock Down 0.2 %

Shares of NYSE GTES opened at $17.71 on Friday. The company’s 50-day simple moving average is $14.82 and its 200-day simple moving average is $13.02. Gates Industrial has a 52-week low of $10.68 and a 52-week high of $17.81. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of 20.84 and a beta of 1.55. 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 (NYSE:GTESGet Free Report) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.10. The firm had revenue of $863.30 million for the quarter, compared to analyst estimates of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. Equities analysts predict that Gates Industrial will post 1.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of recent research reports. 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 assumed coverage on shares of Gates Industrial in a report on Thursday, February 29th. They issued a buy rating and a $21.00 target price on the stock. KeyCorp upgraded shares of Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 target price on the stock in a report on Thursday, February 22nd. TheStreet upgraded shares of Gates Industrial from a c+ rating to a b- rating in a report on Monday, January 8th. Finally, Evercore ISI boosted their target price on shares of Gates Industrial from $12.50 to $14.00 and gave the company an in-line rating in a report on Tuesday, February 20th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $17.17.

View Our Latest Report on GTES

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Gates Industrial by 11.0% during the 4th quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company’s stock worth $205,726,000 after acquiring an additional 1,519,041 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Gates Industrial by 9.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,091,242 shares of the company’s stock valued at $84,605,000 after buying an additional 551,103 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Gates Industrial by 12.5% in the 2nd quarter. BlackRock Inc. now owns 4,886,923 shares of the company’s stock valued at $65,876,000 after buying an additional 543,904 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Gates Industrial by 32.5% in the 1st quarter. Invesco Ltd. now owns 2,759,090 shares of the company’s stock valued at $41,552,000 after buying an additional 677,379 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Gates Industrial by 38.5% in the 4th quarter. AQR Capital Management LLC now owns 2,647,298 shares of the company’s stock valued at $29,941,000 after buying an additional 735,282 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

About Gates Industrial

(Get Free Report)

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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