Gates Industrial (NYSE:GTES – Get Rating) issued an update on its FY 2022 earnings guidance on Friday morning. The company provided earnings per share guidance of $1.15-$1.25 for the period, compared to the consensus earnings per share estimate of $1.21. The company issued revenue guidance of $3.60 billion-$3.70 billion, compared to the consensus revenue estimate of $3.60 billion.
Gates Industrial Price Performance
NYSE:GTES opened at $10.50 on Friday. The firm’s fifty day moving average is $11.52 and its two-hundred day moving average is $12.93. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 14.38 and a beta of 1.60. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.01 and a current ratio of 2.91. Gates Industrial has a one year low of $10.33 and a one year high of $18.18.
Gates Industrial (NYSE:GTES – Get Rating) last posted its earnings results on Friday, August 5th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Gates Industrial had a return on equity of 9.79% and a net margin of 6.24%. The firm had revenue of $906.80 million for the quarter, compared to analyst estimates of $918.39 million. During the same period last year, the company earned $0.42 earnings per share. Gates Industrial’s revenue for the quarter was down .9% compared to the same quarter last year. Research analysts expect that Gates Industrial will post 1.03 EPS for the current year.
Analyst Ratings Changes
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A number of analysts recently issued reports on the stock. Credit Suisse Group set a $13.00 price target on shares of Gates Industrial in a report on Tuesday, July 19th. Evercore ISI lowered Gates Industrial from an outperform rating to an in-line rating and dropped their price objective for the company from $15.00 to $13.50 in a report on Thursday, August 11th. KeyCorp reduced their target price on Gates Industrial from $18.00 to $15.00 and set an overweight rating for the company in a research note on Tuesday, July 12th. Barclays dropped their price target on shares of Gates Industrial from $15.00 to $14.00 and set an equal weight rating on the stock in a research note on Friday, July 8th. Finally, The Goldman Sachs Group reduced their price objective on shares of Gates Industrial from $17.00 to $15.00 and set a buy rating for the company in a research report on Thursday, June 23rd. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Gates Industrial currently has an average rating of Hold and a consensus price target of $13.94.
Hedge Funds Weigh In On Gates Industrial
Several hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. purchased a new stake in Gates Industrial in the 2nd quarter valued at $121,000. Ethic Inc. purchased a new stake in shares of Gates Industrial in the first quarter valued at about $170,000. BNP Paribas Arbitrage SA increased its position in Gates Industrial by 90.6% during the first quarter. BNP Paribas Arbitrage SA now owns 11,379 shares of the company’s stock worth $171,000 after purchasing an additional 5,409 shares during the last quarter. Occudo Quantitative Strategies LP purchased a new position in Gates Industrial during the second quarter worth about $125,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Gates Industrial by 221.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,072 shares of the company’s stock valued at $182,000 after purchasing an additional 8,315 shares during the last quarter.
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.
Further Reading
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