Gates Industrial (GTES) to Release Quarterly Earnings on Wednesday

Gates Industrial (NYSE:GTES) is scheduled to be issuing its quarterly earnings data before the market opens on Wednesday, October 30th. Analysts expect the company to announce 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.Parties that wish to register for the company’s conference call can do so using this link.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The company had revenue of $885.50 million for the quarter, compared to the consensus estimate 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 Price Performance

Shares of GTES stock opened at $18.53 on Tuesday. Gates Industrial has a twelve month low of $10.73 and a twelve month high of $19.07. The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of 20.36 and a beta of 1.40. The stock has a fifty day simple moving average of $17.62 and a two-hundred day simple moving average of $17.09. 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 announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GTES shares. The Goldman Sachs Group upped their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Robert W. Baird reduced their target price on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. 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 target price on the stock. Finally, Evercore ISI upped their target price on Gates Industrial from $15.00 to $16.00 and gave the company 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus target price of $19.40.

Insider Activity

In related news, Director Wilson S. Neely bought 11,952 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were purchased at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate 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.