Sandvik AB (OTCMKTS:SDVKY) Stock Short Interest Falls 62.1%

Sandvik AB (OTCMKTS:SDVKY) was the recipient of a significant 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. Approximately 0.0% of the shares of the company are short sold. Based on an average daily volume of 145,853 shares, the days-to-cover ratio is currently 0.0 days.

Sandvik Stock Up 1.3%

Shares of OTCMKTS SDVKY opened at $37.02 on Friday. Sandvik has a 52 week low of $28.71 and a 52 week high of $44.53. The business has a 50-day simple moving average of $37.89 and a two-hundred day simple moving average of $39.31. 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 company has a market cap of $46.44 billion, a P/E ratio of 21.63, a P/E/G ratio of 0.89 and a beta of 1.51.

Sandvik (OTCMKTS:SDVKY) last posted its earnings results 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. Sandvik had a return on equity of 20.30% and a net margin of 13.85%. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.70 billion. Research analysts anticipate that Sandvik will post 1.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sandvik

A hedge fund recently bought a new position in Sandvik stock. Yousif Capital Management LLC acquired a new stake in shares of Sandvik AB (OTCMKTS:SDVKY) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,686 shares of the industrial products company’s stock, valued at approximately $214,000. 0.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Citigroup reissued a “neutral” rating on shares of Sandvik in a research report on Tuesday, September 29th. Kepler Capital Markets downgraded shares of Sandvik from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 15th. Zacks Research upgraded shares of Sandvik from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 23rd. Berenberg Bank raised shares of Sandvik to a “hold” rating in a report on Thursday, August 27th. Finally, BNP Paribas Exane cut shares of Sandvik to a “neutral” rating in a report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Sandvik Company Profile

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.