Sandvik (OTCMKTS:SDVKY) Hits New 1-Year High Following Analyst Upgrade

Sandvik AB (OTCMKTS:SDVKY) shares hit a new 52-week high during trading on Wednesday after Rothschild Redb upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $29.98 and last traded at $29.77, with a volume of 34425 shares traded. The stock had previously closed at $29.80.

Other research analysts have also recently issued research reports about the stock. Pareto Securities cut shares of Sandvik from a “buy” rating to a “hold” rating in a report on Sunday, October 5th. Citigroup reaffirmed a “buy” rating on shares of Sandvik in a research report on Tuesday, October 7th. Barclays reaffirmed an “overweight” rating on shares of Sandvik in a research report on Monday, September 8th. Zacks Research raised shares of Sandvik from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Sandvik in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Sandvik presently has a consensus rating of “Buy”.

Hedge Funds Weigh In On Sandvik

Hedge funds and other institutional investors have recently made changes to their positions in the business. Salomon & Ludwin LLC raised its holdings in shares of Sandvik by 3,795.5% during the third quarter. Salomon & Ludwin LLC now owns 857 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 835 shares in the last quarter. GAMMA Investing LLC grew its stake in Sandvik by 88.9% in the first quarter. GAMMA Investing LLC now owns 5,546 shares of the industrial products company’s stock worth $117,000 after purchasing an additional 2,610 shares during the period. Yousif Capital Management LLC grew its stake in Sandvik by 15.9% in the second quarter. Yousif Capital Management LLC now owns 22,037 shares of the industrial products company’s stock worth $502,000 after purchasing an additional 3,030 shares during the period. Finally, Rhumbline Advisers grew its stake in Sandvik by 13.9% in the first quarter. Rhumbline Advisers now owns 37,269 shares of the industrial products company’s stock worth $788,000 after purchasing an additional 4,562 shares during the period. Institutional investors own 0.74% of the company’s stock.

Sandvik Stock Performance

The company has a market capitalization of $38.03 billion, a PE ratio of 25.91, a PEG ratio of 1.45 and a beta of 1.60. The company has a 50 day moving average of $27.17 and a two-hundred day moving average of $24.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.62 and a quick ratio of 0.86.

Sandvik (OTCMKTS:SDVKY) last issued its quarterly earnings results on Monday, October 20th. The industrial products company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). The firm had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $29.69 billion. Sandvik had a return on equity of 16.56% and a net margin of 12.24%. As a group, equities research analysts predict that Sandvik AB will post 1.27 earnings per share for the current year.

About Sandvik

Sandvik AB (publ), an engineering company, provides products and solutions for mining and rock excavation, metal cutting, and materials technology worldwide. The company offers mining and rock excavation equipment, including drill rigs and bolters, underground loaders and trucks, mechanical cutting equipment, rock tools and rock drills, and mining automation; rock processing equipment, such as crushers, screens, hydraulic breakers, demolition tools, and breaker booms.