Gates Industrial (NYSE:GTES) Updates FY24 Earnings Guidance

Gates Industrial (NYSE:GTES) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $1.28-1.43 for the period, compared to the consensus EPS estimate of $1.42. The company issued revenue guidance of (3%) to 1% to $3.46-3.61 billion, compared to the consensus revenue estimate of $3.57 billion.

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $16.18 on Friday. The company’s fifty day moving average is $16.88 and its two-hundred day moving average is $14.02. The company has a quick ratio of 2.25, a current ratio of 3.06 and a debt-to-equity ratio of 0.69. Gates Industrial has a 12-month low of $10.68 and a 12-month high of $17.99. The company has a market cap of $4.23 billion, a P/E ratio of 17.78 and a beta of 1.54.

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. Gates Industrial had a net margin of 6.97% and a return on equity of 10.52%. The business had revenue of $863.30 million for the quarter, compared to the consensus estimate of $892.40 million. 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 equities research analysts recently weighed in on GTES shares. Jefferies Financial Group started coverage on Gates Industrial in a research report on Thursday, February 29th. They set a buy rating and a $21.00 target price on the stock. Wolfe Research raised Gates Industrial from a peer perform rating to an outperform rating and set a $20.00 target price on the stock in a research report on Friday, March 8th. Evercore ISI lifted their target price on Gates Industrial from $12.50 to $14.00 and gave the stock an in-line rating in a research report on Tuesday, February 20th. Robert W. Baird lifted their target price on Gates Industrial from $25.00 to $26.00 and gave the stock an outperform rating in a research report on Thursday. Finally, TheStreet upgraded shares of Gates Industrial from a c+ rating to a b- rating in a research note on Monday, January 8th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $18.78.

Insiders Place Their Bets

In other news, Director Neil P. Simpkins bought 1,000,000 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was bought at an average price of $12.20 per share, for a total transaction of $12,200,000.00. Following the completion of the purchase, the director now owns 1,000,000 shares of the company’s stock, valued at approximately $12,200,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Wilson S. Neely acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the transaction, the director now directly owns 56,664 shares of the company’s stock, valued at approximately $750,231.36. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Neil P. Simpkins acquired 1,000,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average price of $12.20 per share, with a total value of $12,200,000.00. Following the transaction, the director now directly owns 1,000,000 shares in the company, valued at $12,200,000. The disclosure for this purchase can be found here. Insiders acquired a total of 1,030,492 shares of company stock worth $12,582,402 over the last quarter. Company insiders own 2.30% 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.