Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) Short Interest Update

Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY) saw a large increase in short interest in the month of May. As of May 15th, there was short interest totaling 50,339 shares, an increase of 94.6% from the April 30th total of 25,866 shares. Approximately 0.0% of the shares of the company are sold short. Based on an average trading volume of 101,752 shares, the days-to-cover ratio is currently 0.5 days.

Sumitomo Electric Industries Trading Up 5.4%

OTCMKTS SMTOY opened at $88.18 on Wednesday. Sumitomo Electric Industries has a 12 month low of $19.07 and a 12 month high of $88.21. The stock has a market cap of $68.77 billion, a PE ratio of 28.54 and a beta of 0.97. The stock’s 50 day moving average is $66.64 and its 200 day moving average is $54.80.

Wall Street Analyst Weigh In

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

About Sumitomo Electric Industries

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.