Gates Industrial (NYSE:GTES - Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 1.330-1.370 for the period, compared to the consensus EPS estimate of 1.310. The company issued revenue guidance of $3.4 billion-$3.5 billion, compared to the consensus revenue estimate of $3.4 billion. Gates Industrial also updated its FY24 guidance to $1.33-1.37 EPS.
Gates Industrial Price Performance
Shares of Gates Industrial stock traded up $1.05 during trading on Wednesday, reaching $19.31. The company's stock had a trading volume of 6,695,956 shares, compared to its average volume of 3,012,373. The stock has a 50-day moving average price of $17.64 and a two-hundred day moving average price of $17.10. The stock has a market capitalization of $5.05 billion, a P/E ratio of 21.21 and a beta of 1.40. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. Gates Industrial has a one year low of $10.73 and a one year high of $20.01.
Gates Industrial (NYSE:GTES - Get Free Report) last announced its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.01. The company had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. As a group, sell-side analysts anticipate that Gates Industrial will post 1.23 EPS for the current fiscal year.
Gates Industrial announced that its board has authorized a share repurchase program on Wednesday, July 31st that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on GTES. Morgan Stanley began coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an "equal weight" rating and a $19.00 price target for the company. The Goldman Sachs Group increased their price target on Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a research note on Thursday, August 1st. Robert W. Baird dropped their price objective on Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. Evercore ISI raised their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. Finally, Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and a consensus target price of $19.40.
Get Our Latest Stock Report on Gates Industrial
Insider Buying and Selling at Gates Industrial
In related news, Director Wilson S. Neely bought 11,952 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average cost of $16.80 per share, with a total value of $200,793.60. Following the purchase, the director now owns 6,000 shares in the company, valued at approximately $100,800. This trade represents a -200.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company's stock.
About Gates Industrial
(
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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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