Analysts Expect Gates Industrial Corp PLC (NYSE:GTES) Will Announce Quarterly Sales of $868.89 Million

Equities analysts predict that Gates Industrial Corp PLC (NYSE:GTESGet Rating) will report $868.89 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Gates Industrial’s earnings. The highest sales estimate is $872.50 million and the lowest is $865.28 million. Gates Industrial posted sales of $881.30 million during the same quarter last year, which suggests a negative year-over-year growth rate of 1.4%. The business is expected to announce its next quarterly earnings report before the market opens on Monday, January 1st.

On average, analysts expect that Gates Industrial will report full year sales of $3.68 billion for the current fiscal year. For the next year, analysts expect that the company will post sales of $3.83 billion, with estimates ranging from $3.83 billion to $3.84 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Gates Industrial.

Gates Industrial (NYSE:GTESGet Rating) last announced its quarterly earnings results on Monday, February 7th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.11. The firm had revenue of $815.60 million for the quarter, compared to analysts’ expectations of $815.72 million. Gates Industrial had a net margin of 8.55% and a return on equity of 12.12%. The company’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS.

Several analysts recently issued reports on GTES shares. KeyCorp reduced their price objective on shares of Gates Industrial from $22.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, February 8th. Morgan Stanley reduced their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Thursday, April 7th. Wolfe Research lowered shares of Gates Industrial from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 6th. Zacks Investment Research upgraded shares of Gates Industrial from a “sell” rating to a “hold” rating in a report on Tuesday, April 12th. Finally, Barclays cut their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Monday, April 4th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.00.

In related news, major shareholder Aggregator (Cayman) L.P. Omaha sold 13,750,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 30th. The stock was sold at an average price of $15.14, for a total value of $208,175,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.07% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Gates Industrial in the fourth quarter valued at approximately $134,583,000. Janus Henderson Group PLC boosted its holdings in shares of Gates Industrial by 7.7% in the third quarter. Janus Henderson Group PLC now owns 7,897,384 shares of the company’s stock valued at $128,490,000 after acquiring an additional 562,348 shares during the period. American Century Companies Inc. boosted its holdings in shares of Gates Industrial by 15.3% in the fourth quarter. American Century Companies Inc. now owns 5,463,190 shares of the company’s stock valued at $86,919,000 after acquiring an additional 723,382 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Gates Industrial by 0.8% in the fourth quarter. JPMorgan Chase & Co. now owns 4,798,853 shares of the company’s stock valued at $76,350,000 after acquiring an additional 36,545 shares during the period. Finally, GW&K Investment Management LLC boosted its holdings in shares of Gates Industrial by 4.7% in the fourth quarter. GW&K Investment Management LLC now owns 4,553,045 shares of the company’s stock valued at $72,439,000 after acquiring an additional 202,398 shares during the period.

Shares of GTES stock traded up $0.01 on Friday, hitting $13.22. 5,612 shares of the stock traded hands, compared to its average volume of 929,835. The company has a market capitalization of $3.84 billion, a PE ratio of 13.21 and a beta of 1.60. Gates Industrial has a twelve month low of $12.76 and a twelve month high of $18.94. The company’s 50-day moving average price is $15.05. The company has a quick ratio of 1.86, a current ratio of 2.66 and a debt-to-equity ratio of 0.76.

About Gates Industrial (Get Rating)

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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