FY2018 EPS Estimates for Gates Industrial Corp PLC (GTES) Boosted by Analyst

Gates Industrial Corp PLC (NYSE:GTES) – Stock analysts at KeyCorp boosted their FY2018 earnings estimates for shares of Gates Industrial in a report released on Wednesday, May 2nd. KeyCorp analyst J. Hammond now forecasts that the company will post earnings of $1.05 per share for the year, up from their previous forecast of $1.00. KeyCorp currently has a “Overweight” rating and a $22.00 target price on the stock. KeyCorp also issued estimates for Gates Industrial’s FY2019 earnings at $1.22 EPS.

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Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, May 2nd. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.19 by $0.06. The company had revenue of $852.00 million during the quarter, compared to the consensus estimate of $815.95 million.

Several other brokerages have also commented on GTES. Citigroup initiated coverage on shares of Gates Industrial in a research report on Tuesday, February 20th. They issued a “buy” rating and a $23.00 price objective on the stock. Barclays reaffirmed a “hold” rating and issued a $19.00 price objective on shares of Gates Industrial in a research report on Friday. Royal Bank of Canada reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Gates Industrial in a research report on Wednesday, March 14th. UBS assumed coverage on shares of Gates Industrial in a research note on Tuesday, February 20th. They issued a “buy” rating and a $22.00 target price for the company. Finally, Goldman Sachs assumed coverage on shares of Gates Industrial in a research note on Monday, February 19th. They issued a “neutral” rating and a $21.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $22.00.

Shares of GTES stock opened at $15.02 on Friday. The stock has a market capitalization of $4,251.09 and a price-to-earnings ratio of 18.32. The company has a debt-to-equity ratio of 2.79, a quick ratio of 1.96 and a current ratio of 2.62. Gates Industrial has a 52 week low of $14.77 and a 52 week high of $20.00.

Institutional investors and hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN purchased a new position in shares of Gates Industrial in the first quarter worth about $1,503,000. SG Americas Securities LLC purchased a new position in shares of Gates Industrial in the first quarter worth about $108,000. Rhumbline Advisers purchased a new position in shares of Gates Industrial in the first quarter worth about $583,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Gates Industrial in the first quarter worth about $63,431,000. Hedge funds and other institutional investors own 0.44% of the company’s stock.

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.

Earnings History and Estimates for Gates Industrial (NYSE:GTES)