Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY – Get Free Report) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 63,592 shares, an increase of 112.6% from the June 15th total of 29,918 shares. Currently, 0.0% of the shares of the company are sold short. Based on an average daily trading volume, of 122,820 shares, the short-interest ratio is currently 0.5 days.
Sumitomo Electric Industries Stock Performance
OTCMKTS SMTOY opened at $7.61 on Wednesday. The firm has a market capitalization of $47.48 billion, a P/E ratio of 19.51 and a beta of 1.01. The stock has a 50-day simple moving average of $63.37 and a two-hundred day simple moving average of $58.29. Sumitomo Electric Industries has a fifty-two week low of $2.63 and a fifty-two week high of $11.14.
Analysts Set New Price Targets
Separately, Nomura raised shares of Sumitomo Electric Industries to a “strong-buy” rating in a research report on Wednesday, April 1st. Two research analysts have rated the stock with a Strong Buy rating, According to MarketBeat.com, the company has an average 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.
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