Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Sees Significant Growth in Short Interest

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) was the target of a large growth in short interest in October. As of October 15th, there was short interest totaling 402,806 shares, a growth of 104.4% from the September 30th total of 197,025 shares. Approximately 0.0% of the shares of the stock are short sold. Based on an average trading volume of 1,024,476 shares, the days-to-cover ratio is presently 0.4 days.

Sumitomo Electric Industries Trading Down 7.5%

SMTOY opened at $5.45 on Friday. The firm has a 50-day moving average price of $6.78 and a two-hundred day moving average price of $39.74. Sumitomo Electric Industries has a 1-year low of $4.50 and a 1-year high of $11.14. The stock has a market capitalization of $34.62 billion, a PE ratio of 12.98 and a beta of 1.06.

Sumitomo Electric Industries (OTCMKTS:SMTOY) last released its earnings results on Friday, October 30th. The company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $9.12 billion for the quarter, compared to analyst estimates of $8.43 billion.

Sumitomo Electric Industries Company Profile

Sumitomo Electric Industries, Ltd. is a Japan-based diversified manufacturer that develops and supplies products used in the automotive, information and communications, electronics, energy, and industrial materials sectors. The company traces its origins to 1897, when it began manufacturing copper wire, and has expanded into a global technology and materials business.

Its automotive products include wiring harnesses, connectors, and related electrical components. In the information and communications field, Sumitomo Electric provides optical fiber, fiber-optic cables, network equipment, and other technologies used in telecommunications infrastructure.