Sandvik AB (OTCMKTS:SDVKY) Stock Short Interest Declines 83.4%

Sandvik AB (OTCMKTS:SDVKY) was the recipient of a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 18,416 shares, a decline of 83.4% from the September 15th total of 111,254 shares. Based on an average daily volume of 148,215 shares, the short-interest ratio is presently 0.1 days. Currently, 0.0% of the company’s shares are short sold.

Hedge Funds Weigh In On Sandvik

A hedge fund recently raised its position in Sandvik stock. GAMMA Investing LLC lifted its stake in Sandvik AB (OTCMKTS:SDVKY) by 6.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,489 shares of the industrial products company’s stock after purchasing an additional 616 shares during the quarter. GAMMA Investing LLC’s holdings in Sandvik were worth $432,000 as of its most recent filing with the Securities & Exchange Commission. 0.74% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SDVKY has been the subject of several recent analyst reports. Citigroup restated a “neutral” rating on shares of Sandvik in a research note on Tuesday, September 29th. Berenberg Bank upgraded Sandvik to a “hold” rating in a research report on Thursday, August 27th. Zacks Research lowered Sandvik from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Kepler Capital Markets lowered Sandvik from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Sandvik in a research report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold”.

Sandvik Trading Up 1.9%

Shares of Sandvik stock traded up $0.68 during mid-day trading on Friday, hitting $36.22. 71,558 shares of the stock were exchanged, compared to its average volume of 87,046. The stock has a market capitalization of $45.43 billion, a price-to-earnings ratio of 24.98, a price-to-earnings-growth ratio of 0.89 and a beta of 1.51. The company has a current ratio of 1.64, a quick ratio of 0.84 and a debt-to-equity ratio of 0.31. Sandvik has a twelve month low of $27.76 and a twelve month high of $44.53. The company has a 50-day simple moving average of $38.59 and a 200 day simple moving average of $39.50.

About Sandvik

Sandvik AB is a Sweden-based engineering group that develops equipment, tools, services and digital solutions for industries including mining, construction, manufacturing and infrastructure. Founded in 1862, the company has evolved from a steel producer into a global supplier of advanced industrial technologies.

Sandvik’s Mining and Rock Solutions business provides underground and surface mining equipment, rock-drilling tools, ground-support systems, loading and hauling equipment, automation and related aftermarket services.