Sumitomo Corp. (OTCMKTS:SSUMY) Stock Short Interest Drops 40.0%

Sumitomo Corp. (OTCMKTS:SSUMY) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totaling 101,462 shares, a drop of 40.0% from the September 15th total of 168,989 shares. Based on an average daily volume of 477,285 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the company’s stock are short sold.

Sumitomo Stock Performance

Shares of Sumitomo stock opened at $10.98 on Friday. The business’s fifty day simple moving average is $11.28 and its 200 day simple moving average is $26.08. The firm has a market capitalization of $52.49 billion, a P/E ratio of 13.23, a price-to-earnings-growth ratio of 0.95 and a beta of 0.60. Sumitomo has a 12 month low of $7.14 and a 12 month high of $12.45. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.69.

Sumitomo (OTCMKTS:SSUMY) last announced its quarterly earnings data on Friday, July 31st. The conglomerate reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.58). The business had revenue of $12.24 billion during the quarter, compared to the consensus estimate of $11.50 billion. Sumitomo had a net margin of 8.23% and a return on equity of 12.71%. As a group, analysts anticipate that Sumitomo will post 1.51 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Sumitomo from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. One analyst has rated the stock with a Strong Buy rating. According to MarketBeat.com, Sumitomo has a consensus rating of “Strong Buy”.

About Sumitomo

Sumitomo Corporation is a Japan-based global trading and business investment company. It operates across a broad range of industries, including metal products, transportation and construction systems, infrastructure, media and digital services, and lifestyle-related businesses.

The company is involved in the development, financing, and operation of infrastructure projects, as well as the trading and distribution of steel, nonferrous metals, energy, chemical products, food, and consumer goods.