Compared to Estimates, Gates Industrial (GTES) Q3 Earnings: A Look at Key Metrics
Although the revenue and EPS for Gates Industrial (GTES) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Gates Industrial (GTES) Q3 Earnings and Revenues Top Estimates
Gates Industrial (GTES) came out with quarterly earnings of $0.33 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.35 per share a year ago.
Earnings Preview: Gates Industrial (GTES) Q3 Earnings Expected to Decline
Gates Industrial (GTES) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
GTES Enhances Data Center Solutions With New Cooling Hose
Gates introduces a new Data Master Cooling Hose to address the rising demand from high-performance data centers.
Gates Industrial: Growing Margins Paving Way To A Higher Stock Price
Gates Industrial Corporation stock remains a 'Buy' due to improving profitability trends, despite a recent 8% decline in stock performance over the past 5+ months. Technical analysis shows a bullish ascending triangle pattern with increased buying volume and MACD bullish divergence, suggesting potential for higher highs soon. Q2 results highlighted a 270 bps gross margin improvement and a 6% rise in adjusted EPS, indicating strong profitability despite a 4% revenue drop.
Gates Industrial Corporation plc (GTES) Q2 2024 Earnings Call Transcript
Gates Industrial Corporation plc (NYSE:GTES ) Q2 2024 Results Conference Call July 31, 2024 9:00 AM ET Company Participants Rich Kwas - Vice President-Investor Relations Ivo Jurek - Chief Executive Officer Brooks Mallard - Chief Financial Officer Conference Call Participants Mike Halloran - Baird Jeff Hammond - KeyBanc Capital Markets Nigel Coe - Wolfe Research Julian Mitchell - Barclays Deane Dray - RBC Capital Markets Andy Kaplowitz - Citigroup Clay Williams - Goldman Sachs Operator Thank you for standing by, and welcome to the Gates Industrial Corporation Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise.
Gates Industrial (GTES) Tops Q2 Earnings Estimates
Gates Industrial (GTES) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.36 per share a year ago.
Gates (GTES) vs. Sterling (STRL): Which is a More Profitable Pick?
Amid macroeconomic headwinds, the public sector is encouraging for the industry. Let's find out whether Gates (GTES) or Sterling (STRL) is a better Engineering - R and D Services stock.
Gates Industrial: Maintaining Robust Margin With Plans For Market Extension
GTES focuses on power transmission and fluid power solutions, serving customers across 130 countries. Recently announced their entry into the data cooling centers to provide liquid cooling solutions. GTES has exited FY23 on a high note with good momentum, driving further expansion in profitability margin for FY24 as they focus on material cost reduction and productivity enhancement. Rising infrastructure build-outs outside of the U.S. present a substantial growth opportunity for GTES throughout the next few years.
Panagora Asset Management Inc. Buys 46,482 Shares of Gates Industrial Corp PLC (NYSE:GTES)
Panagora Asset Management Inc. lifted its position in Gates Industrial Corp PLC (NYSE:GTES – Free Report) by 24.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 238,147 shares of the company’s stock after purchasing an additional 46,482 shares during the quarter. Panagora Asset Management Inc. owned 0.09% of Gates Industrial worth $3,196,000 at the end of the most recent reporting period. Other hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC bought a new position in shares of Gates Industrial in the fourth quarter valued at approximately $492,000. Envestnet Portfolio Solutions Inc. bought a new position in shares of Gates Industrial in the fourth quarter valued at about $147,000. Dimensional Fund Advisors LP lifted its position in Gates Industrial by 14.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,708,198 shares of the company’s stock worth $130,285,000 after buying an additional 1,239,261 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in Gates Industrial by 226.1% during the 4th quarter. Teacher Retirement System of Texas now owns 337,246 shares of the company’s stock worth $4,526,000 after acquiring an additional 233,834 shares during the last quarter. Finally, Versor Investments LP increased its position in Gates Industrial by 86.3% in the 4th quarter. Versor Investments LP now owns 81,813 shares of the company’s stock valued at $1,098,000 after acquiring an additional 37,900 shares in the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock. Gates Industrial Trading Down 0.3 % Shares of NYSE:GTES opened at $17.35 on Monday. The company has a quick ratio of 2.15, a current ratio of 3.06 and a debt-to-equity ratio of 0.69. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 19.07 and a beta of 1.54. Gates Industrial Corp PLC has a 12 month low of $10.68 and a 12 month high of $17.99. The company’s fifty day simple moving average is $17.24 and its 200 day simple moving average is $14.48. Wall Street Analyst Weigh In A number of brokerages have recently issued reports on GTES. Citigroup upped their target price on shares of Gates Industrial from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. The Goldman Sachs Group lifted their price target on shares of Gates Industrial from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Robert W. Baird lifted their target price on shares of Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Evercore ISI increased their target price on Gates Industrial from $12.50 to $14.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Finally, 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 for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Gates Industrial has a consensus rating of “Moderate Buy” and an average target price of $18.88. View Our Latest Research Report on GTES Insider Buying and Selling at Gates Industrial In related news, Director Wilson S. Neely acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were bought at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the purchase, the director now directly owns 56,664 shares in the company, valued at approximately $750,231.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock. Gates Industrial Company Profile (Free Report) 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. Read More Five stocks we like better than Gates Industrial High Flyers: 3 Natural Gas Stocks for March 2022 Canada Goose Flies Higher Driven By DTC Growth What Are Dividends? Buy the Best Dividend Stocks CVS Health Stock Has a Silver Lining Called Value Manufacturing Stocks Investing Magnificent 7 Still Magnificent as the Halfway Mark Approaches? Want to see what other hedge funds are holding GTES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gates Industrial Corp PLC (NYSE:GTES – Free Report).
Swiss National Bank Sells 58,400 Shares of Gates Industrial Corp PLC (NYSE:GTES)
Swiss National Bank cut its stake in Gates Industrial Corp PLC (NYSE:GTES – Free Report) by 16.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 286,200 shares of the company’s stock after selling 58,400 shares during the period. Swiss National Bank owned 0.11% of Gates Industrial worth $3,841,000 at the end of the most recent reporting period. Other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Gates Industrial by 12.4% in the 3rd quarter. Vanguard Group Inc. now owns 13,810,748 shares of the company’s stock worth $160,343,000 after acquiring an additional 1,520,338 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Gates Industrial by 28.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 12,300,192 shares of the company’s stock valued at $165,069,000 after purchasing an additional 2,697,624 shares during the last quarter. Cooke & Bieler LP boosted its position in shares of Gates Industrial by 7.9% in the 4th quarter. Cooke & Bieler LP now owns 8,154,009 shares of the company’s stock worth $109,427,000 after purchasing an additional 594,559 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Gates Industrial by 8.9% in the 3rd quarter. American Century Companies Inc. now owns 7,602,491 shares of the company’s stock worth $88,265,000 after buying an additional 620,131 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Gates Industrial by 105.5% during the 3rd quarter. AQR Capital Management LLC now owns 7,044,308 shares of the company’s stock valued at $81,784,000 after buying an additional 3,617,020 shares in the last quarter. 98.50% of the stock is owned by institutional investors. Insider Transactions at Gates Industrial In other news, Director Wilson S. Neely acquired 10,000 shares of Gates Industrial stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average price of $13.24 per share, for a total transaction of $132,400.00. Following the completion of the transaction, the director now owns 56,664 shares in the company, valued at $750,231.36. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock. Wall Street Analysts Forecast Growth A number of research firms have recently commented on GTES. Robert W. Baird increased their target price on Gates Industrial from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Wolfe Research upgraded shares of Gates Industrial from a “peer perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a research note on Friday, March 8th. Citigroup increased their price target on shares of Gates Industrial from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, April 8th. Finally, KeyCorp upgraded shares of Gates Industrial from a “sector weight” rating to an “overweight” rating and set a $18.00 price objective for the company in a report on Thursday, February 22nd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.88. View Our Latest Analysis on Gates Industrial Gates Industrial Trading Down 0.3 % NYSE:GTES opened at $17.35 on Monday. The company has a market cap of $4.53 billion, a PE ratio of 19.07 and a beta of 1.54. The company has a current ratio of 3.06, a quick ratio of 2.15 and a debt-to-equity ratio of 0.69. The company has a 50 day simple moving average of $17.24 and a two-hundred day simple moving average of $14.48. Gates Industrial Corp PLC has a 12 month low of $10.68 and a 12 month high of $17.99. Gates Industrial Company Profile (Free Report) 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. See Also Five stocks we like better than Gates Industrial What to Know About Investing in Penny Stocks MarketBeat Week in Review – 5/13 – 5/17 Best Aerospace Stocks Investing Take-Two Interactive Software Offers 2nd Chance for Investors Biggest Stock Losers – Today’s Biggest Percentage Decliners Deere & Company’s Q2 Report: Strong Revenue, Cautious Outlook
