Sandvik (OTCMKTS:SDVKY) Shares Gap Down - What's Next?

Key Points

• Sandvik shares fell sharply, opening at $35.789 versus the prior close of $38.08, with the stock last trading near $35.79.
• Analyst sentiment is mixed but leans neutral: coverage includes one Strong Buy, three Buys, nine Holds and one Sell, resulting in a consensus rating of “Hold.”
• Sandvik has a $44.74 billion market capitalization and trades at a 24.60 price-to-earnings ratio; institutional ownership remains limited at 0.74%, although GAMMA Investing increased its stake by 6.2% in the second quarter.

Sandvik AB (OTCMKTS:SDVKY - Get Free Report) shares gapped down before the market opened on Thursday. The stock had previously closed at $38.08, but opened at $35.7890. Sandvik shares last traded at $35.79, with a volume of 757 shares.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SDVKY. BNP Paribas Exane cut shares of Sandvik to a "neutral" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Sandvik in a research report on Thursday, June 18th. Berenberg Bank upgraded Sandvik to a "hold" rating in a research report on Thursday, August 27th. Citigroup reissued a "neutral" rating on shares of Sandvik in a research note on Tuesday. Finally, Kepler Capital Markets lowered Sandvik from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold".

Sandvik Stock Performance

The company has a current ratio of 1.64, a quick ratio of 0.84 and a debt-to-equity ratio of 0.31. The business's 50 day moving average is $38.61 and its 200 day moving average is $39.58. The stock has a market capitalization of $44.74 billion, a PE ratio of 24.60, a PEG ratio of 1.05 and a beta of 1.52.

Hedge Funds Weigh In On Sandvik

An institutional investor recently raised its stake in Sandvik stock. GAMMA Investing LLC boosted its stake in shares of Sandvik AB (OTCMKTS:SDVKY - Free Report) by 6.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing. Hedge funds and other institutional investors own 0.74% of the company's stock.

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.

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