Short Interest in Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Decreases By 48.4%

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totaling 29,400 shares, a decrease of 48.4% from the August 31st total of 57,000 shares. Based on an average daily volume of 107,600 shares, the short-interest ratio is presently 0.3 days. Based on an average daily volume of 107,600 shares, the short-interest ratio is presently 0.3 days.

Sumitomo Electric Industries Trading Up 0.6%

SMTOY opened at $28.57 on Friday. Sumitomo Electric Industries has a twelve month low of $12.12 and a twelve month high of $30.15. The company’s 50-day moving average price is $27.43 and its two-hundred day moving average price is $21.62.

Analyst Ratings Changes

A number of brokerages have issued reports on SMTOY. Jefferies Financial Group raised shares of Sumitomo Electric Industries to a “hold” rating in a research report on Thursday, August 14th. The Goldman Sachs Group raised shares of Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy”.

About Sumitomo Electric Industries

Sumitomo Electric Industries, Ltd. manufactures and sells electric wires and cables worldwide. It operates through Automotive, Infocommunications, Electronics, Environment and Energy, and Industrial Materials and Others segments. The company offers wiring harnesses and electrical components; steel cords for tire reinforcement; steel wires for springs; wiring materials; optical lenses for infrared devices; abrasion-resistant parts/materials; heat shrink and heat-resistant tubing/tapes; magnet and aluminum bars/wires; products for electronic devices; sintered parts; and EV quick-charger connector assemblies.