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

Shares of Sandvik AB (OTCMKTS:SDVKY) gapped down before the market opened on Tuesday . The stock had previously closed at $37.0150, but opened at $35.11. Sandvik shares last traded at $36.33, with a volume of 6,762 shares changing hands.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Zacks Research lowered Sandvik from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 16th. Citigroup reaffirmed a “buy” rating on shares of Sandvik in a research note on Monday, January 12th. Barclays reissued an “overweight” rating on shares of Sandvik in a research report on Wednesday, February 25th. Morgan Stanley cut shares of Sandvik from an “overweight” rating to an “equal weight” rating in a research report on Thursday, March 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Sandvik in a research report on Monday, December 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Sandvik Stock Down 0.4%

The company has a market capitalization of $46.24 billion, a PE ratio of 30.46, a PEG ratio of 1.51 and a beta of 1.48. The company has a current ratio of 1.94, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The business has a fifty day moving average of $39.97 and a 200 day moving average of $33.52.

Sandvik (OTCMKTS:SDVKY) last issued its quarterly earnings results on Tuesday, January 27th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). Sandvik had a return on equity of 16.94% and a net margin of 12.16%.The business had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.38 billion. Equities research analysts anticipate that Sandvik AB will post 1.27 EPS for the current year.

Hedge Funds Weigh In On Sandvik

An institutional investor recently raised its position in Sandvik stock. GAMMA Investing LLC increased its stake in Sandvik AB (OTCMKTS:SDVKY) by 24.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,406 shares of the industrial products company’s stock after acquiring an additional 1,473 shares during the period. GAMMA Investing LLC’s holdings in Sandvik were worth $208,000 at the end of the most recent reporting period. Institutional investors 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.