Short Interest in Sumitomo Corp. (OTCMKTS:SSUMY) Decreases By 38.6%

Sumitomo Corp. (OTCMKTS:SSUMY) saw a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 63,468 shares, a drop of 38.6% from the February 26th total of 103,392 shares. Based on an average trading volume of 228,982 shares, the short-interest ratio is currently 0.3 days. Approximately 0.0% of the shares of the company are sold short.

Sumitomo Stock Up 0.0%

Sumitomo stock opened at $36.43 on Friday. The stock’s 50 day moving average price is $39.42 and its 200 day moving average price is $34.42. Sumitomo has a 1-year low of $19.18 and a 1-year high of $44.15. The company has a market cap of $43.83 billion, a PE ratio of 11.83, a price-to-earnings-growth ratio of 1.35 and a beta of 0.46. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.26 and a quick ratio of 0.89.

Sumitomo (OTCMKTS:SSUMY) last released its quarterly earnings data on Wednesday, February 4th. The conglomerate reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.20). Sumitomo had a return on equity of 11.27% and a net margin of 7.56%.The company had revenue of $11.85 billion for the quarter, compared to analysts’ expectations of $11.72 billion. On average, sell-side analysts predict 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 “strong sell” rating to a “hold” rating in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.

About Sumitomo

Sumitomo Corporation (OTCMKTS: SSUMY) is a global integrated trading and investment company headquartered in Japan. As one of the country’s major sogo shosha (general trading firms), Sumitomo operates a diversified business portfolio that spans trading, project development, equity investments and provision of services to industrial and consumer markets. The company acts as a commercial intermediary and strategic investor, linking producers, manufacturers and end users across international supply chains.

Sumitomo’s business activities cover a wide range of sectors, including metal products and mining, transportation and construction systems, infrastructure and real estate, energy and chemical products, electronics and digital solutions, and consumer goods and food.