Gates Industrial (GTES) Scheduled to Post Earnings on Wednesday

Gates Industrial (NYSE:GTES) is set to post its quarterly earnings results before the market opens on Wednesday, October 30th. Analysts expect Gates Industrial to post earnings of $0.30 per share for the quarter. Gates Industrial has set its FY24 guidance at $1.29-1.35 EPS and its FY 2024 guidance at 1.290-1.350 EPS.Individual that wish to register for the company’s earnings conference call can do so using this link.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm had revenue of $885.50 million for the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. On average, analysts expect Gates Industrial to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Gates Industrial Trading Down 0.8 %

Shares of NYSE:GTES opened at $18.38 on Monday. The company has a market cap of $4.81 billion, a PE ratio of 19.55 and a beta of 1.40. The company’s 50-day moving average price is $17.61 and its 200 day moving average price is $17.08. Gates Industrial has a fifty-two week low of $10.68 and a fifty-two week high of $19.07. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68.

Gates Industrial announced that its board has approved a share repurchase program on Wednesday, July 31st that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on GTES shares. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Morgan Stanley started coverage on shares of Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target on the stock. The Goldman Sachs Group boosted their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Robert W. Baird dropped their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Finally, Evercore ISI boosted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.40.

Insider Transactions at Gates Industrial

In other news, Director Wilson S. Neely bought 11,952 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the transaction, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. The trade was a -200.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by insiders.

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.