Sandvik AB (OTCMKTS:SDVKY) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 2,500.6% to 111,254 shares as of September 15, up from 4,278 shares at the end of August. Despite the increase, short interest represented approximately 0.0% of shares outstanding, with a 0.5-day days-to-cover ratio.
• Analyst sentiment weakened, with several firms downgrading Sandvik to “Hold.” MarketBeat’s consensus rating is currently Hold, based on one Strong Buy, three Buys, eight Holds and one Sell.
• Sandvik shares traded down to $37.76, below both their 50-day and 200-day moving averages. The company has a $47.37 billion market capitalization, a P/E ratio of 26.04 and a 52-week trading range of $27.14 to $44.53.

Sandvik AB (OTCMKTS:SDVKY - Get Free Report) saw a large increase in short interest in September. As of September 15th, there was short interest totaling 111,254 shares, an increase of 2,500.6% from the August 31st total of 4,278 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average trading volume of 206,464 shares, the days-to-cover ratio is currently 0.5 days.

Analysts Set New Price Targets

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

Sandvik Stock Performance

OTCMKTS SDVKY traded down $0.91 during trading hours on Thursday, hitting $37.76. The company had a trading volume of 79,153 shares, compared to its average volume of 143,257. The company has a quick ratio of 0.84, a current ratio of 1.64 and a debt-to-equity ratio of 0.31. The firm has a market cap of $47.37 billion, a P/E ratio of 26.04, a price-to-earnings-growth ratio of 1.08 and a beta of 1.52. Sandvik has a fifty-two week low of $27.14 and a fifty-two week high of $44.53. The business has a fifty day simple moving average of $38.39 and a 200-day simple moving average of $39.66.

Institutional Inflows and Outflows

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

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.

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