Sandvik AB (OTCMKTS:SDVKY) Sees Large Decline in Short Interest

Key Points

• Sandvik’s short interest fell 62.1% to 6,988 shares as of October 15, down from 18,416 shares at the end of September. Short positions represented approximately 0.0% of shares outstanding.
• Sandvik exceeded quarterly expectations, reporting $0.48 in EPS versus the $0.46 consensus estimate and revenue of $3.80 billion compared with $3.70 billion expected.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” consensus rating; one analyst rates it Strong Buy, five Buy, five Hold and one Sell.

Sandvik AB (OTCMKTS:SDVKY - Get Free Report) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totaling 6,988 shares, a drop of 62.1% from the September 30th total of 18,416 shares. Based on an average trading volume of 145,853 shares, the short-interest ratio is presently 0.0 days. Approximately 0.0% of the shares of the company are short sold.

Sandvik Price Performance

Shares of SDVKY opened at $36.56 on Thursday. The firm has a market capitalization of $45.86 billion, a price-to-earnings ratio of 22.43, a price-to-earnings-growth ratio of 0.84 and a beta of 1.51. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.84 and a current ratio of 1.64. Sandvik has a one year low of $28.71 and a one year high of $44.53. The stock's fifty day moving average is $37.90 and its 200-day moving average is $39.30.

Sandvik (OTCMKTS:SDVKY - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The industrial products company reported $0.48 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.02. The business had revenue of $3.80 billion for the quarter, compared to analysts' expectations of $3.70 billion. Sandvik had a net margin of 13.85% and a return on equity of 20.30%. Equities analysts anticipate that Sandvik will post 1.79 EPS for the current year.

Institutional Trading of Sandvik

An institutional investor recently raised its position in Sandvik stock. GAMMA Investing LLC lifted its stake in Sandvik AB (OTCMKTS:SDVKY - Free Report) by 6.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,489 shares of the industrial products company's stock after acquiring an additional 616 shares during the period. GAMMA Investing LLC's holdings in Sandvik were worth $432,000 as of its most recent filing with the Securities and Exchange Commission. 0.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SDVKY has been the topic of several recent research reports. Berenberg Bank upgraded shares of Sandvik to a "hold" rating in a research report on Thursday, August 27th. BNP Paribas Exane cut shares of Sandvik to a "neutral" rating in a research report on Thursday, October 1st. Morgan Stanley upgraded shares of Sandvik to an "overweight" rating in a research note on Monday, October 19th. Pareto Securities raised Sandvik from a "hold" rating to a "buy" rating in a report on Thursday, October 22nd. Finally, Kepler Capital Markets downgraded Sandvik from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy".

About Sandvik

Sandvik AB is a Sweden-based global engineering group that develops and manufactures equipment, tools and digital solutions for the mining, construction and manufacturing industries. Founded in 1862, the company has evolved from a steel producer into a specialized industrial technology business headquartered in Stockholm, Sweden.

Its Mining and Rock Solutions business provides underground and surface mining equipment, rock tools, drilling systems, automation technologies and related services.

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