Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Sees Large Growth in Short Interest

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) was the target of a large growth in short interest in May. As of May 15th, there was short interest totaling 50,339 shares, a growth of 94.6% from the April 30th total of 25,866 shares. Based on an average daily trading volume, of 101,752 shares, the days-to-cover ratio is presently 0.5 days. Approximately 0.0% of the shares of the company are short sold.

Sumitomo Electric Industries Stock Up 7.7%

Shares of OTCMKTS:SMTOY opened at $83.70 on Tuesday. The company’s fifty day moving average is $66.64 and its two-hundred day moving average is $54.80. Sumitomo Electric Industries has a 12-month low of $19.07 and a 12-month high of $84.19. The company has a market cap of $65.28 billion, a P/E ratio of 27.09 and a beta of 0.97.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SMTOY. Nomura upgraded Sumitomo Electric Industries to a “strong-buy” rating in a research report on Wednesday, April 1st. Jefferies Financial Group upgraded Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Strong Buy”.

Sumitomo Electric Industries Company Profile

Sumitomo Electric Industries, Ltd. is a diversified Japanese industrial manufacturing company renowned for its expertise in electric wire and cable technologies. The company operates through multiple business segments, including power and communications systems, automotive and electronics materials, and industrial materials. Its product portfolio spans high-performance power cables, optical fibers, wiring harnesses, and various electronic components designed to serve the needs of energy utilities, telecommunications carriers, automotive manufacturers and industrial clients worldwide.

In the power and communications segment, Sumitomo Electric produces underground and submarine power cables, cable accessories and optical fiber cables for high-speed data transmission.