Sumitomo Corp. (OTCMKTS:SSUMY) Stock Short Interest Falls 73.3%

Sumitomo Corp. (OTCMKTS:SSUMY) was the recipient of a significant decline in short interest in the month of October. As of October 15th, there was short interest totaling 27,129 shares, a decline of 73.3% from the September 30th total of 101,462 shares. Currently, 0.0% of the company’s shares are short sold. Based on an average daily volume of 404,265 shares, the short-interest ratio is currently 0.1 days.

Analysts Set New Price Targets

Separately, Zacks Research raised Sumitomo from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. One equities research analyst has rated the stock with a Strong Buy rating. According to data from MarketBeat.com, the company presently has an average rating of “Strong Buy”.

Sumitomo Trading Up 2.2%

SSUMY opened at $11.33 on Wednesday. The business’s 50-day moving average is $11.24 and its two-hundred day moving average is $28.85. Sumitomo has a 1 year low of $7.14 and a 1 year high of $12.45.

Sumitomo (OTCMKTS:SSUMY) last posted its earnings results on Friday, July 31st. The conglomerate reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.58). The company had revenue of $12.24 billion for the quarter, compared to the consensus estimate of $11.50 billion. As a group, research analysts anticipate that Sumitomo will post 1.60 EPS for the current fiscal year.

Sumitomo Company Profile

Sumitomo Corporation (OTCMKTS: SSUMY) is a Japan-based global trading and business investment company. It develops and manages businesses across a broad range of industries, connecting suppliers, manufacturers, service providers and customers through international networks and operating companies.

The company’s activities include metal products, transportation and infrastructure, construction systems, urban development, media and digital services, lifestyle-related businesses, mineral resources, energy transformation, and chemicals.