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

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

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Sumitomo from a “strong sell” rating to a “hold” rating in a research 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 company. According to MarketBeat.com, the company presently has an average rating of “Buy”.

Sumitomo Stock Performance

OTCMKTS SSUMY opened at $36.42 on Friday. The stock has a market capitalization of $43.83 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 1.36 and a beta of 0.46. The stock has a 50-day moving average of $39.49 and a 200 day moving average of $34.37. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 0.56. Sumitomo has a twelve month low of $19.18 and a twelve month high of $44.15.

Sumitomo (OTCMKTS:SSUMY) last issued its quarterly earnings data on Wednesday, February 4th. The conglomerate reported $0.58 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.20). The business had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.72 billion. Sumitomo had a net margin of 7.56% and a return on equity of 11.27%. Sell-side analysts anticipate that Sumitomo will post 2.82 EPS for the current fiscal year.

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.