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

Sandvik AB (publ) (OTCMKTS:SDVKYGet Rating) was the recipient of a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 57,500 shares, a drop of 40.5% from the May 15th total of 96,600 shares. Based on an average daily trading volume, of 203,900 shares, the days-to-cover ratio is presently 0.3 days.

OTCMKTS SDVKY opened at $19.47 on Monday. The company has a market cap of $24.42 billion, a P/E ratio of 14.98, a P/E/G ratio of 4.58 and a beta of 1.31. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.31 and a current ratio of 1.92. The business’s 50 day moving average price is $19.87 and its 200-day moving average price is $23.24. Sandvik AB has a fifty-two week low of $17.30 and a fifty-two week high of $29.06.

A number of research analysts have recently commented on the company. Barclays lowered their target price on Sandvik AB (publ) from SEK 255 to SEK 230 and set an “equal weight” rating for the company in a research note on Monday, April 4th. JPMorgan Chase & Co. lowered their price objective on Sandvik AB (publ) from SEK 285 to SEK 260 and set an “overweight” rating on the stock in a research report on Monday, April 11th. Deutsche Bank Aktiengesellschaft lowered their price target on Sandvik AB (publ) from SEK 270 to SEK 260 and set a “buy” rating on the stock in a report on Friday, April 29th. Finally, Credit Suisse Group lowered their price target on Sandvik AB (publ) from SEK 290 to SEK 230 and set an “outperform” rating on the stock in a report on Wednesday, May 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $262.33.

Institutional investors have recently made changes to their positions in the business. Scout Investments Inc. lifted its stake in shares of Sandvik AB (publ) by 0.4% during the 4th quarter. Scout Investments Inc. now owns 150,111 shares of the industrial products company’s stock worth $4,196,000 after purchasing an additional 539 shares during the last quarter. Yousif Capital Management LLC purchased a new stake in Sandvik AB (publ) in the fourth quarter valued at about $543,000. Fisher Asset Management LLC raised its stake in Sandvik AB (publ) by 20.2% in the fourth quarter. Fisher Asset Management LLC now owns 8,311,414 shares of the industrial products company’s stock valued at $231,886,000 after buying an additional 1,399,513 shares during the last quarter. Finally, Mitchell Capital Management Co. raised its stake in Sandvik AB (publ) by 4.2% in the first quarter. Mitchell Capital Management Co. now owns 18,235 shares of the industrial products company’s stock valued at $387,000 after buying an additional 728 shares during the last quarter. 0.67% of the stock is currently owned by institutional investors.

Sandvik AB (publ) Company Profile (Get Rating)

Sandvik AB (publ) operates as an engineering company in the areas of mining and rock excavation, rock processing, manufacturing and machining, and materials technology in Sweden and internationally. The company offers mining and rock solutions, including drill rigs, underground loaders and trucks, rock drills and other tools, and parts and services, as well as digital and sustainability solutions; and rock processing applications, which include crushing, screening, feeding, breaking, demolition, and recycling.

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