Gates Industrial (GTES) to Release Earnings on Wednesday

Gates Industrial (NYSE:GTES - Get Free Report) is scheduled 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.Investors interested in registering for the company's conference call can do so using this link.

Gates Industrial (NYSE:GTES - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The business had revenue of $885.50 million during the quarter, compared to analysts' expectations of $893.00 million. 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 0.7 %

Gates Industrial stock traded down $0.14 during midday trading on Wednesday, reaching $18.55. 2,519,259 shares of the stock traded hands, compared to its average volume of 2,986,643. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. The firm has a market cap of $4.85 billion, a PE ratio of 20.53 and a beta of 1.40. The company has a 50-day simple moving average of $17.53 and a two-hundred day simple moving average of $17.06. Gates Industrial has a 12-month low of $10.68 and a 12-month high of $19.07.

Gates Industrial announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 31st that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

GTES has been the subject of a number of analyst reports. Morgan Stanley started coverage on Gates Industrial in a research report on Friday, September 6th. They set an "equal weight" rating and a $19.00 price objective for the company. Royal Bank of Canada raised shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. The Goldman Sachs Group lifted their price objective 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. Evercore ISI increased their target price on Gates Industrial from $15.00 to $16.00 and gave the company an "in-line" rating in a report on Monday, August 19th. Finally, Robert W. Baird lowered their price objective on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Gates Industrial currently has an average rating of "Moderate Buy" and a consensus price target of $19.40.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of the company's stock in a transaction on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now owns 6,000 shares in the company, valued at $100,800. This trade represents a -200.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company's stock.

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.