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

Key Points

• Sumitomo Corp. experienced a dramatic 139.6% increase in short interest in September, rising from 52,500 to 125,800 shares.
• As of the latest earnings report, Sumitomo posted an EPS of $0.98, exceeding analyst expectations of $0.94, with a total revenue of $12 billion for the quarter.
• Analysts have recently upgraded Sumitomo's rating from "hold" to "strong-buy," reflecting increasing confidence in the company's performance.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) saw a significant growth in short interest during the month of September. As of September 30th, there was short interest totaling 125,800 shares, a growth of 139.6% from the September 15th total of 52,500 shares. Based on an average daily trading volume, of 125,000 shares, the short-interest ratio is presently 1.0 days. Based on an average daily trading volume, of 125,000 shares, the short-interest ratio is presently 1.0 days.

Sumitomo Price Performance

Shares of SSUMY stock traded up $0.34 during trading hours on Friday, hitting $29.88. The company had a trading volume of 99,946 shares, compared to its average volume of 73,411. The firm has a market capitalization of $36.19 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 1.89 and a beta of 0.56. Sumitomo has a 12 month low of $19.18 and a 12 month high of $30.47. The firm's fifty day moving average is $28.83 and its 200 day moving average is $26.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.07 and a current ratio of 1.59.

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, topping analysts' consensus estimates of $0.94 by $0.04. The business had revenue of $12 billion for the quarter, compared to analyst estimates of $12.66 billion. Sumitomo had a return on equity of 12.49% and a net margin of 8.31%. On average, sell-side analysts predict that Sumitomo will post 2.82 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Zacks Research raised Sumitomo from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, According to MarketBeat, Sumitomo presently has a consensus rating of "Strong Buy".

Sumitomo Company Profile

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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