Zacks Investment Research cut shares of Sandvik (OTCMKTS:SDVKY) from a strong-buy rating to a hold rating in a report released on Wednesday.

According to Zacks, “Sandvik is a high-technology, engineering group with advanced products and a world-leading position within selected areas. Worldwide business activities are conducted through representation in 130 countries. “

Separately, ValuEngine downgraded Sandvik from a buy rating to a hold rating in a report on Wednesday, October 11th.

Sandvik (OTCMKTS SDVKY) opened at $17.09 on Wednesday. The stock has a market capitalization of $21,810.00, a price-to-earnings ratio of 21.92, a price-to-earnings-growth ratio of 2.87 and a beta of 0.90. Sandvik has a twelve month low of $11.73 and a twelve month high of $18.40.

An institutional investor recently raised its position in Sandvik stock. Parametric Portfolio Associates LLC grew its stake in shares of Sandvik AB (OTCMKTS:SDVKY) by 14.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 665,023 shares of the industrial products company’s stock after acquiring an additional 83,981 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Sandvik were worth $10,521,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 0.07% of the company’s stock.

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Sandvik Company Profile

Sandvik AB (Sandvik) is an engineering company in mining and rock excavation, metal-cutting and materials technology. The Company is engaged in the developing, manufacturing and marketing processed products and services. Its segments include Sandvik Machining Solutions, Sandvik Mining and Rock Technology, Sandvik Materials Technology and Other Operations.

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