Short Interest in Sumitomo Corp. (OTCMKTS:SSUMY) Declines By 44.4%

Key Points

• The short interest in Sumitomo Corp. declined by 44.4% in July, dropping from 61,500 shares to 34,200 shares.
• Nomura Securities upgraded Sumitomo to a "strong-buy" rating on May 28th.
• Sumitomo reported an earnings per share (EPS) of $0.98 for the last quarter, exceeding analysts' expectations of $0.94.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) was the target of a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 34,200 shares, adecreaseof44.4% from the July 15th total of 61,500 shares. Based on an average daily trading volume, of 132,500 shares, the days-to-cover ratio is currently 0.3 days. Approximately0.0% of the shares of the stock are short sold. Approximately0.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 132,500 shares, the days-to-cover ratio is currently 0.3 days.

Analyst Upgrades and Downgrades

Separately, Nomura Securities raised Sumitomo to a "strong-buy" rating in a report on Wednesday, May 28th.

Sumitomo Stock Performance

OTCMKTS:SSUMY opened at $27.25 on Monday. The firm has a market cap of $33.00 billion, a price-to-earnings ratio of 8.08, a PEG ratio of 2.33 and a beta of 0.64. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.05 and a current ratio of 1.56. The business's fifty day moving average is $25.81 and its 200 day moving average is $24.35. Sumitomo has a 52-week low of $19.18 and a 52-week high of $28.47.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The conglomerate reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.94 by $0.04. Sumitomo had a return on equity of 12.70% and a net margin of 8.31%. The business had revenue of $12 billion during the quarter, compared to analyst estimates of $12.66 billion. Research analysts predict that Sumitomo will post 2.82 EPS for the current year.

About Sumitomo

Sumitomo Corporation engages in general trading business worldwide. It operates through six segments: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics. The company provides steel sheets and tubular products; and manufactures, leases, sells, services, and finances ships, aircrafts, motor vehicles, construction equipment, and components and parts.

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