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

Key Points

• Short interest plunged 64.1% in April to 22,880 shares, leaving a tiny short-interest ratio of 0.1 days and approximately 0.0% of shares shorted.
• Sumitomo missed quarterly EPS ($0.58 vs. $0.78 expected) though revenue slightly beat estimates ($11.85B vs. $11.72B), and Zacks upgraded the stock to "hold" while the consensus rating remains "Buy."

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) was the target of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 22,880 shares, a decrease of 64.1% from the March 31st total of 63,655 shares. Based on an average daily volume of 164,579 shares, the short-interest ratio is currently 0.1 days. Approximately 0.0% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Sumitomo from a "strong sell" rating to a "hold" rating in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy".

Sumitomo Stock Performance

Shares of SSUMY stock opened at $36.27 on Friday. Sumitomo has a 12 month low of $24.00 and a 12 month high of $44.15. The stock has a market capitalization of $43.33 billion, a P/E ratio of 11.78, a PEG ratio of 1.18 and a beta of 0.53. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 0.56. The firm's 50 day moving average is $38.36 and its 200 day moving average is $35.61.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last posted its earnings results on Wednesday, February 4th. The conglomerate reported $0.58 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.20). Sumitomo had a net margin of 7.56% and a return on equity of 11.27%. The company had revenue of $11.85 billion for the quarter, compared to analysts' expectations of $11.72 billion. On average, sell-side analysts anticipate that Sumitomo will post 3.05 earnings per share for the current 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.

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