Sumitomo Corp. (OTCMKTS:SSUMY) Stock Short Interest Falls 73.3%

Sumitomo Corp. (OTCMKTS:SSUMY) saw a large decrease in short interest in October. As of October 15th, there was short interest totaling 27,129 shares, a decrease of 73.3% from the September 30th total of 101,462 shares. Based on an average daily trading volume, of 404,265 shares, the short-interest ratio is presently 0.1 days. Currently, 0.0% of the company’s stock are sold short.

Analyst Ratings Changes

Separately, Zacks Research raised shares of Sumitomo from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. One investment analyst has rated the stock with a Strong Buy rating. According to MarketBeat, the company currently has an average rating of “Strong Buy”.

Sumitomo Trading Up 2.2%

Shares of OTCMKTS SSUMY opened at $11.33 on Wednesday. Sumitomo has a 52-week low of $7.14 and a 52-week high of $12.45. The company’s 50-day simple moving average is $11.24 and its 200-day simple moving average is $28.85.

Sumitomo (OTCMKTS:SSUMY) last announced its earnings results on Friday, July 31st. The conglomerate reported $0.25 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 analyst estimates of $11.50 billion. Equities analysts expect that Sumitomo will post 1.60 EPS for the current fiscal year.

Sumitomo Company Profile

Sumitomo Corporation (OTCMKTS: SSUMY) is a Japan-based global trading and business investment company. It develops and manages businesses across a broad range of industries, connecting suppliers, manufacturers, service providers and customers through international networks and operating companies.

The company’s activities include metal products, transportation and infrastructure, construction systems, urban development, media and digital services, lifestyle-related businesses, mineral resources, energy transformation, and chemicals.