Gates Industrial (GTES) to Release Quarterly Earnings on Thursday

Gates Industrial (NYSE:GTES) is scheduled to be announcing its earnings results after the market closes on Thursday, November 1st. Analysts expect the company to announce earnings of $0.26 per share for the quarter.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, August 1st. The company reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.07. The firm had revenue of $875.10 million during the quarter, compared to analyst estimates of $860.95 million. On average, analysts expect Gates Industrial to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Shares of GTES opened at $14.47 on Wednesday. The company has a market capitalization of $4.10 billion and a price-to-earnings ratio of 17.65. Gates Industrial has a twelve month low of $14.06 and a twelve month high of $20.29. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.47 and a quick ratio of 1.75.

Several equities research analysts have weighed in on GTES shares. Zacks Investment Research downgraded shares of Gates Industrial from a “buy” rating to a “hold” rating in a research note on Friday, October 5th. Morgan Stanley lowered their target price on shares of Gates Industrial from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 2nd. Finally, Royal Bank of Canada restated a “buy” rating and issued a $21.00 target price on shares of Gates Industrial in a research note on Thursday, August 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $21.22.

A hedge fund recently raised its stake in Gates Industrial stock. Bank of New York Mellon Corp grew its stake in Gates Industrial Corp PLC (NYSE:GTES) by 11.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 129,886 shares of the company’s stock after buying an additional 13,785 shares during the period. Bank of New York Mellon Corp’s holdings in Gates Industrial were worth $2,114,000 at the end of the most recent quarter.

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.

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