Sumitomo Corp. (OTCMKTS:SSUMY) Sees Significant Decline in Short Interest

Sumitomo Corp. (OTCMKTS:SSUMY) saw a large drop in short interest during 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 daily trading volume, of 228,982 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.0% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised shares of Sumitomo from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Sumitomo currently has a consensus rating of “Buy”.

Sumitomo Stock Performance

OTCMKTS SSUMY opened at $36.42 on Friday. The firm has a market capitalization of $43.83 billion, a P/E ratio of 11.83, a PEG ratio of 1.36 and a beta of 0.46. The stock has a 50-day simple moving average of $39.49 and a two-hundred day simple moving average of $34.37. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.89 and a current ratio of 1.26. Sumitomo has a fifty-two week low of $19.18 and a fifty-two week high of $44.15.

Sumitomo (OTCMKTS:SSUMY) last issued its earnings results on Wednesday, February 4th. The conglomerate reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.20). The company had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.72 billion. Sumitomo had a return on equity of 11.27% and a net margin of 7.56%. On average, equities analysts forecast that Sumitomo will post 2.82 earnings per share for the current year.

Sumitomo Company Profile

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.