Sandvik (OTCMKTS:SDVKY) Shares Gap Down – Here’s Why

Shares of Sandvik AB (OTCMKTS:SDVKY) gapped down prior to trading on Wednesday . The stock had previously closed at $42.08, but opened at $39.36. Sandvik shares last traded at $39.28, with a volume of 4,171 shares trading hands.

Analyst Upgrades and Downgrades

SDVKY has been the topic of several recent analyst reports. Nordea Equity Research upgraded shares of Sandvik to a “hold” rating in a report on Wednesday, April 15th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Sandvik in a report on Thursday, June 18th. Citigroup lowered shares of Sandvik from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. The Goldman Sachs Group restated a “sell” rating on shares of Sandvik in a research report on Thursday, April 9th. Finally, Morgan Stanley downgraded shares of Sandvik from an “overweight” rating to an “equal weight” rating in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sandvik currently has an average rating of “Hold”.

Sandvik Stock Performance

The business has a fifty day moving average of $40.94 and a 200 day moving average of $38.91. The company has a market cap of $51.02 billion, a P/E ratio of 32.02, a P/E/G ratio of 1.26 and a beta of 1.50. The company has a quick ratio of 1.06, a current ratio of 1.96 and a debt-to-equity ratio of 0.36.

Sandvik (OTCMKTS:SDVKY) last released its quarterly earnings results on Wednesday, April 22nd. The industrial products company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.04. Sandvik had a net margin of 12.16% and a return on equity of 16.92%. The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.43 billion. On average, equities analysts predict that Sandvik AB will post 1.69 EPS for the current year.

Hedge Funds Weigh In On Sandvik

An institutional investor recently raised its position in Sandvik stock. GAMMA Investing LLC lifted its position in shares of Sandvik AB (OTCMKTS:SDVKY) by 17.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,704 shares of the industrial products company’s stock after purchasing an additional 1,298 shares during the quarter. GAMMA Investing LLC’s holdings in Sandvik were worth $281,000 as of its most recent filing with the Securities & Exchange Commission. 0.74% of the stock is owned by institutional investors.

Sandvik Company Profile

Sandvik (OTCMKTS: SDVKY) is a global engineering group headquartered in Sandviken, Sweden, with roots dating back to 1862 when it was founded by Göran Fredrik Göransson. The company designs, manufactures and services advanced products and solutions for the mining and construction industries, metalworking and material technology markets. Sandvik serves customers worldwide with a broad portfolio of industrial products, equipment and aftermarket services.

Sandvik’s core activities span three broad areas: metal-cutting and machining solutions, mining and rock excavation equipment, and specialty materials and components.