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Gates Industrial Corporation plc (NYSE: GTES) Stock’s Potential for Success in the Coming Months

In the last trading session, 7.51 million Gates Industrial Corporation plc (NYSE:GTES) shares changed hands as the company’s beta touched 1.57. With the company’s per share price at $11.67 changed hands at $0.15 or 1.30% during last session, the market valuation stood at $3.04B. GTES’s last price was a discount, traded about -27.93% off its 52-week high of $14.93. The share price had its 52-week low at $9.40, which suggests the last value was 19.45% up since then. When we look at Gates Industrial Corporation plc’s average trading volume, we note the 10-day average is 1.87 million shares, with the 3-month average coming to 1.39 million.

Analysts gave the Gates Industrial Corporation plc (GTES) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.50. If we narrow down to specifics, the data shows that 0 out of 11 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 8 recommended GTES as a Hold, 2 felt it is a Buy and 0 rated the stock as Underweight. Gates Industrial Corporation plc’s EPS for the current quarter is expected to be $0.31.

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Gates Industrial Corporation plc (NYSE:GTES) trade information

Instantly GTES was in green as seen at the end of in last trading. With action -1.35%, the performance over the past five days has been red. The jump to weekly highs of 11.93 on Friday, 09/15/23 added 1.30% to the stock’s daily price. The company’s shares are showing year-to-date upside of 2.28%, with the 5-day performance at -1.35% in the red. However, in the 30-day time frame, Gates Industrial Corporation plc (NYSE:GTES) is 1.39% up. Looking at the short shares, we see there were 1.76 million shares sold at short interest cover period of 0.88 days.

The consensus price target for the stock as assigned by Wall Street analysts is $15.83, meaning bulls need an upside of 26.28% from its current market value. According to analyst projections, GTES’s forecast low is $14.00 with $20.00 as the target high. To hit the forecast high, the stock’s price needs a -71.38% plunge from its current level, while the stock would need to soar -19.97% for it to hit the projected low.

Gates Industrial Corporation plc (GTES) estimates and forecasts

Data shows that the Gates Industrial Corporation plc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -13.49% over the past 6 months, a 6.14% in annual growth rate that is considerably lower than the industry average of 16.30%. Year-over-year growth is forecast to reach 1.40% up from the last financial year.

Consensus estimates given by 6 financial analysts project the company’s revenue in the current quarter to hit an average of $878.84 million. 6 analysts are of the opinion that Gates Industrial Corporation plc’s revenue for the quarter ending Dec 2023 will be $891.11 million. The company’s revenue for the corresponding quarters a year ago was $889.36 million and $893.3 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -1.20%. The estimates for the next quarter sales put growth at -0.20%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 42.80%. The 2023 estimates are for Gates Industrial Corporation plc earnings to decrease by -23.00%, but the outlook for the next 5-year period is at 7.50% per year.

GTES Dividends

Gates Industrial Corporation plc is expected to release its next quarterly earnings report between November 02 and November 06.

Gates Industrial Corporation plc (NYSE:GTES)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 1.80% of Gates Industrial Corporation plc shares while 101.81% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 103.67%. There are 101.81% institutions holding the Gates Industrial Corporation plc stock share, with Blackstone Inc the top institutional holder. As of Jun 29, 2023, the company held 49.52% of the shares, roughly 130.78 million GTES shares worth $1.53 billion.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 4.65% or 12.29 million shares worth $143.43 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Allspring Special Mid Cap Value Fund and American Century Small Cap Value Fund. With 8.13 million shares estimated at $94.84 million under it, the former controlled 3.08% of total outstanding shares. On the other hand, American Century Small Cap Value Fund held about 2.16% of the shares, roughly 5.71 million shares worth around $66.58 million.

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