Short Interest in Sumitomo Corp. (OTCMKTS:SSUMY) Grows By 93.0%

Key Points

• Sumitomo Corp. experienced a significant increase in short interest, jumping 93.0% in August from 34,200 to 66,000 shares, indicating heightened bearish sentiment among investors.
• The company reported $0.98 earnings per share for the last quarter, outperforming analysts' expectations of $0.94, despite lower revenue of $12 billion compared to estimates of $12.66 billion.
• Nomura Securities has upgraded Sumitomo's stock to a "strong-buy" rating, reflecting a positive consensus among analysts regarding the company's future performance.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) was the recipient of a large increase in short interest in August. As of August 15th, there was short interest totaling 66,000 shares, an increase of 93.0% from the July 31st total of 34,200 shares. Based on an average daily trading volume, of 146,000 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily trading volume, of 146,000 shares, the days-to-cover ratio is presently 0.5 days.

Analysts Set New Price Targets

Separately, Nomura Securities raised Sumitomo to a "strong-buy" rating in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Strong Buy".

Sumitomo Trading Down 1.5%

Shares of SSUMY traded down $0.45 during trading hours on Tuesday, reaching $29.44. The stock had a trading volume of 166,133 shares, compared to its average volume of 81,009. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.55. Sumitomo has a 52 week low of $19.18 and a 52 week high of $29.97. The firm has a 50-day moving average of $26.78 and a 200 day moving average of $25.05. The company has a market cap of $35.66 billion, a P/E ratio of 8.74, a P/E/G ratio of 2.49 and a beta of 0.58.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.04. The business had revenue of $12 billion during the quarter, compared to the consensus estimate of $12.66 billion. Sumitomo had a return on equity of 12.70% and a net margin of 8.31%. On average, sell-side analysts expect that Sumitomo will post 2.82 earnings per share for the current fiscal 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.