Sumitomo Corp. (OTCMKTS:SSUMY) Sees Large Drop in Short Interest

Sumitomo Corp. (OTCMKTS:SSUMY) was the recipient of a large drop in short interest in the month of October. As of October 15th, there was short interest totaling 90,900 shares, a drop of 27.7% from the September 30th total of 125,800 shares. Currently, 0.0% of the company’s stock are sold short. Based on an average daily trading volume, of 156,100 shares, the short-interest ratio is currently 0.6 days. Based on an average daily trading volume, of 156,100 shares, the short-interest ratio is currently 0.6 days. Currently, 0.0% of the company’s stock are sold short.

Sumitomo Trading Down 3.7%

OTCMKTS:SSUMY opened at $29.14 on Monday. The company has a market cap of $35.30 billion, a P/E ratio of 8.60, a price-to-earnings-growth ratio of 1.17 and a beta of 0.56. Sumitomo has a twelve month low of $19.18 and a twelve month high of $31.11. The business has a 50 day moving average price of $29.37 and a two-hundred day moving average price of $26.91. The company has a quick ratio of 1.07, a current ratio of 1.59 and a debt-to-equity ratio of 0.54.

Sumitomo (OTCMKTS:SSUMY) last announced its quarterly earnings data on Friday, October 31st. The conglomerate reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.13). The business had revenue of $11.35 billion during the quarter, compared to the consensus estimate of $11.60 billion. Sumitomo had a return on equity of 12.52% and a net margin of 8.34%. As a group, analysts expect that Sumitomo will post 2.82 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Zacks Research raised shares of Sumitomo from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Strong Buy”.

About Sumitomo

Sumitomo Corporation engages in general trading business worldwide. It operates through six segments: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics. The company provides steel sheets and tubular products; and manufactures, leases, sells, services, and finances ships, aircrafts, motor vehicles, construction equipment, and components and parts.