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

Sandvik AB (OTCMKTS:SDVKY) gapped up prior to trading on Wednesday . The stock had previously closed at $34.29, but opened at $35.85. Sandvik shares last traded at $35.99, with a volume of 1,637 shares trading hands.

Analyst Upgrades and Downgrades

SDVKY has been the subject of a number of recent research reports. The Goldman Sachs Group reiterated a “sell” rating on shares of Sandvik in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Sandvik in a research report on Thursday, June 18th. Citigroup cut Sandvik from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Kepler Capital Markets downgraded Sandvik from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 15th. Finally, Nordea Equity Research raised shares of Sandvik to a “hold” rating in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Sandvik currently has a consensus rating of “Hold”.

Sandvik Trading Up 0.6%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.06 and a current ratio of 1.96. The company’s 50-day moving average price is $39.98 and its 200-day moving average price is $39.86. The firm has a market capitalization of $45.11 billion, a PE ratio of 24.80, a PEG ratio of 0.98 and a beta of 1.50.

Sandvik (OTCMKTS:SDVKY) last posted its earnings results on Wednesday, April 22nd. The industrial products company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.32 by $0.04. Sandvik had a return on equity of 18.78% and a net margin of 13.05%.The firm had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.43 billion. On average, sell-side analysts expect that Sandvik AB will post 1.71 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Sandvik stock. GAMMA Investing LLC lifted its holdings in shares of Sandvik AB (OTCMKTS:SDVKY) by 17.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,704 shares of the industrial products company’s stock after acquiring an additional 1,298 shares during the period. GAMMA Investing LLC’s holdings in Sandvik were worth $281,000 at the end of the most recent reporting period. 0.74% of the stock is currently owned by institutional investors and hedge funds.

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.