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

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totaling 34,900 shares, adecreaseof27.6% from the July 15th total of 48,200 shares. Based on an average daily trading volume, of 162,400 shares, the days-to-cover ratio is presently 0.2 days. Based on an average daily trading volume, of 162,400 shares, the days-to-cover ratio is presently 0.2 days.

Wall Street Analyst Weigh In

SMTOY has been the subject of several research analyst reports. The Goldman Sachs Group upgraded Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 7th. Jefferies Financial Group upgraded Sumitomo Electric Industries to a “hold” rating in a research note on Thursday, August 14th. One equities 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.com, the company presently has a consensus rating of “Buy”.

Sumitomo Electric Industries Trading Up 0.5%

SMTOY stock opened at $26.3725 on Friday. Sumitomo Electric Industries has a 1 year low of $12.12 and a 1 year high of $29.31. The stock has a 50-day simple moving average of $23.26 and a 200-day simple moving average of $19.49.

Sumitomo Electric Industries Company Profile

Sumitomo Electric Industries, Ltd. manufactures and sells electric wires and cables worldwide. It operates through Automotive, Infocommunications, Electronics, Environment and Energy, and Industrial Materials and Others segments. The company offers wiring harnesses and electrical components; steel cords for tire reinforcement; steel wires for springs; wiring materials; optical lenses for infrared devices; abrasion-resistant parts/materials; heat shrink and heat-resistant tubing/tapes; magnet and aluminum bars/wires; products for electronic devices; sintered parts; and EV quick-charger connector assemblies.