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

Sandvik AB (OTCMKTS:SDVKY)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $42.20, but opened at $39.11. Sandvik shares last traded at $39.53, with a volume of 7,524 shares traded.

Analyst Ratings Changes

SDVKY has been the subject of a number of recent analyst reports. Morgan Stanley cut Sandvik from an “overweight” rating to an “equal weight” rating in a research report on Thursday, March 12th. Nordea Equity Research raised Sandvik to a “hold” rating in a report on Wednesday, April 15th. The Goldman Sachs Group reiterated a “sell” rating on shares of Sandvik in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Sandvik in a research report on Thursday, June 18th. Finally, Citigroup cut shares of Sandvik from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Sandvik Stock Up 1.7%

The stock has a fifty day moving average price of $40.48 and a two-hundred day moving average price of $39.55. The company has a market cap of $50.40 billion, a price-to-earnings ratio of 31.64, a P/E/G ratio of 1.13 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 announced its earnings results on Wednesday, April 22nd. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.04. Sandvik had a net margin of 12.16% and a return on equity of 16.92%. The firm had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.43 billion. As a group, sell-side analysts expect that Sandvik AB will post 1.71 EPS for the current year.

Hedge Funds Weigh In On Sandvik

An institutional investor recently raised its stake in Sandvik stock. GAMMA Investing LLC lifted its stake in shares of Sandvik AB (OTCMKTS:SDVKY) by 17.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. 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 SEC filing. Institutional investors and hedge funds own 0.74% of the company’s stock.

About Sandvik

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.