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

Sandvik AB (OTCMKTS:SDVKY) gapped down prior to trading on Thursday . The stock had previously closed at $41.81, but opened at $39.48. Sandvik shares last traded at $39.4225, with a volume of 3,579 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SDVKY. Zacks Research lowered shares of Sandvik from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Sandvik in a research report on Thursday, June 18th. Kepler Capital Markets lowered Sandvik from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 15th. Finally, Berenberg Bank raised Sandvik to a “hold” rating in a research report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold”.

Sandvik Price Performance

The firm has a market capitalization of $50.01 billion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 1.14 and a beta of 1.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.84 and a current ratio of 1.64. The business’s 50 day moving average is $38.73 and its two-hundred day moving average is $39.95.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Sandvik stock. GAMMA Investing LLC lifted its position in Sandvik AB (OTCMKTS:SDVKY) by 6.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,489 shares of the industrial products company’s stock after buying an additional 616 shares during the quarter. GAMMA Investing LLC’s holdings in Sandvik were worth $432,000 at the end of the most recent quarter. Institutional investors own 0.74% of the company’s stock.

About Sandvik

Sandvik AB is a Sweden-based global engineering group founded in 1862 and headquartered in Stockholm, Sweden. The company develops and manufactures equipment, tools, software and services for industries including mining, construction, manufacturing and infrastructure.

Sandvik’s business activities include mining and rock excavation equipment, drilling systems, underground and surface mining machinery, rock-processing equipment, and related automation and digital solutions. The company also produces metal-cutting tools, tooling systems and other industrial solutions designed to support machining and advanced manufacturing operations.

Sandvik serves customers through operations and sales networks across Europe, North America, South America, Asia, Africa and Australia.