Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Short Interest Up 112.6% in June

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) was the target of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 63,592 shares, an increase of 112.6% from the June 15th total of 29,918 shares. Based on an average daily volume of 122,820 shares, the days-to-cover ratio is presently 0.5 days. Approximately 0.0% of the company’s shares are short sold.

Analyst Ratings Changes

Separately, Nomura upgraded Sumitomo Electric Industries to a “strong-buy” rating in a report on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat, Sumitomo Electric Industries has a consensus rating of “Strong Buy”.

Sumitomo Electric Industries Trading Down 3.2%

OTCMKTS:SMTOY opened at $7.37 on Thursday. Sumitomo Electric Industries has a twelve month low of $2.63 and a twelve month high of $11.14. The company has a market cap of $46.81 billion, a PE ratio of 18.90 and a beta of 1.01. The company’s 50 day moving average is $62.15 and its two-hundred day moving average is $58.04.

About Sumitomo Electric Industries

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.