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

Gates Industrial (NYSE:GTES) 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 Trading Down 0.2 %

Shares of NYSE GTES opened at $17.70 on Friday. The company has a current ratio of 3.08, a quick ratio of 2.25 and a debt-to-equity ratio of 0.70. The company has a market cap of $4.68 billion, a PE ratio of 20.82 and a beta of 1.55. The company has a 50-day moving average of $14.73 and a two-hundred day moving average of $12.97. Gates Industrial has a 1-year low of $10.68 and a 1-year high of $17.81.

Gates Industrial (NYSE:GTES) 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 business had revenue of $863.30 million during the quarter, compared to the consensus estimate of $892.40 million. Gates Industrial had a net margin of 6.52% and a return on equity of 10.14%. As a group, equities analysts expect that Gates Industrial will post 1.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on GTES. 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 note on Tuesday, February 20th. Jefferies Financial Group began coverage on shares of Gates Industrial in a report on Thursday, February 29th. They set a buy rating and a $21.00 price objective for the company. KeyCorp upgraded shares of Gates Industrial from a sector weight rating to an overweight rating and set a $18.00 price objective for the company in a report on Thursday, February 22nd. Wolfe Research upgraded shares of Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 price objective for the company in a report on Friday, March 8th. Finally, TheStreet upgraded shares of Gates Industrial from a c+ rating to a b- rating in a report on Monday, January 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $17.17.

Insider Activity

In related news, Director Wilson S. Neely purchased 10,000 shares of Gates Industrial stock in a transaction dated Tuesday, February 20th. The stock was bought at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the acquisition, the director now directly owns 56,664 shares of the company’s stock, valued at $750,231.36. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In other Gates Industrial news, CEO Ivo Jurek bought 20,492 shares of Gates Industrial stock in a transaction that occurred on Friday, February 16th. The stock was acquired at an average price of $12.20 per share, for a total transaction of $250,002.40. Following the completion of the acquisition, the chief executive officer now owns 626,088 shares of the company’s stock, valued at approximately $7,638,273.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wilson S. Neely bought 10,000 shares of Gates Industrial stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average price of $13.24 per share, with a total value of $132,400.00. Following the acquisition, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The disclosure for this purchase can be found here. Insiders purchased 1,030,492 shares of company stock worth $12,582,402 over the last quarter. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Stifel Financial Corp acquired a new position in Gates Industrial during the fourth quarter worth $136,000. Cerity Partners LLC acquired a new stake in Gates Industrial in the fourth quarter valued at $129,000. Occudo Quantitative Strategies LP acquired a new stake in Gates Industrial in the second quarter valued at $125,000. Principal Financial Group Inc. acquired a new stake in Gates Industrial in the second quarter valued at $121,000. Finally, Tower Research Capital LLC TRC lifted its stake in Gates Industrial by 92.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,729 shares of the company’s stock valued at $117,000 after acquiring an additional 4,199 shares during the last quarter. Institutional investors and hedge funds own 98.50% 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.