Short Interest in Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Declines By 68.4%

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) was the recipient of a significant decline in short interest in April. As of April 30th, there was short interest totaling 25,866 shares, a decline of 68.4% from the April 15th total of 81,909 shares. Based on an average trading volume of 164,037 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.0% of the shares of the stock are short sold.

Sumitomo Electric Industries Trading Down 5.8%

Sumitomo Electric Industries stock traded down $4.73 during mid-day trading on Thursday, hitting $76.88. The stock had a trading volume of 25,495 shares, compared to its average volume of 97,247. The stock has a 50-day simple moving average of $63.92 and a two-hundred day simple moving average of $51.32. The stock has a market capitalization of $59.96 billion, a PE ratio of 24.88 and a beta of 0.97. Sumitomo Electric Industries has a 12 month low of $17.95 and a 12 month high of $83.12.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Nomura raised Sumitomo Electric Industries to a “strong-buy” rating in a research note on Wednesday, April 1st. Jefferies Financial Group upgraded Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Three equities research analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat, Sumitomo Electric Industries presently has a consensus rating of “Strong Buy”.

Sumitomo Electric Industries Company Profile

Sumitomo Electric Industries, Ltd. is a diversified Japanese industrial manufacturing company renowned for its expertise in electric wire and cable technologies. The company operates through multiple business segments, including power and communications systems, automotive and electronics materials, and industrial materials. Its product portfolio spans high-performance power cables, optical fibers, wiring harnesses, and various electronic components designed to serve the needs of energy utilities, telecommunications carriers, automotive manufacturers and industrial clients worldwide.

In the power and communications segment, Sumitomo Electric produces underground and submarine power cables, cable accessories and optical fiber cables for high-speed data transmission.