Sumitomo Electric Industries, Ltd. (OTCMKTS:SMTOY – Get Free Report) was the recipient of a significant decline in short interest in September. As of September 15th, there was short interest totaling 29,400 shares, a decline 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 Price Performance
OTCMKTS:SMTOY opened at $28.57 on Friday. The firm has a 50-day moving average of $27.43 and a 200-day moving average of $21.62. Sumitomo Electric Industries has a one year low of $12.12 and a one year high of $30.15.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the stock. Jefferies Financial Group raised shares of Sumitomo Electric Industries to a “hold” rating in a research note 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 note on Monday, July 7th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Sumitomo Electric Industries 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.
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