Sumitomo Corp. (OTCMKTS:SSUMY) Short Interest Update

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) saw a large growth in short interest during the month of August. As of August 15th, there was short interest totaling 66,000 shares, a growth of 93.0% from the July 31st total of 34,200 shares. Based on an average daily trading volume, of 146,000 shares, the short-interest ratio is currently 0.5 days. Based on an average daily trading volume, of 146,000 shares, the short-interest ratio is currently 0.5 days.

Sumitomo Stock Performance

OTCMKTS SSUMY traded up $0.14 during trading hours on Wednesday, hitting $29.58. 99,374 shares of the stock were exchanged, compared to its average volume of 81,136. The company has a market cap of $35.83 billion, a price-to-earnings ratio of 8.78, a price-to-earnings-growth ratio of 2.54 and a beta of 0.58. Sumitomo has a 12-month low of $19.18 and a 12-month high of $29.97. The stock has a 50-day moving average of $26.85 and a 200 day moving average of $25.08. 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 (OTCMKTS:SSUMY - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.04. Sumitomo had a net margin of 8.31% and a return on equity of 12.70%. The firm had revenue of $12 billion during the quarter, compared to analysts' expectations of $12.66 billion. As a group, equities research analysts forecast that Sumitomo will post 2.82 earnings per share for the current year.

Wall Street Analyst Weigh In

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