Sumitomo (NYSE:SMFG) stock is a hot topic on Monday as reports claim that billionaire Paul Singer is making big bets on the Japanese trading company.
According to these reports, Singer’s Elliott Management currently holds a stake in Sumitomo that is worth “several tens of billions of yen.” These reports also claim that the private equity firm is seeking to build its stake in the company even more.
This is worth noting as Sumitomo is of interest to another major player in the investment space. Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, NUSE:BRK-B) is another big investor in the company. In fact, Buffett’s company is currently the number one shareholder in Sumitomo.
Robeco Hong Kong Ltd. portfolio manager Kelvin Leung said the following about the activist pressure on Sumitomo to Bloomberg:
“Lagging trading companies should need to not just take care of their own large project risks, but are also subject to pressure to pay out more. The question remains if management can deliver bolder shareholder-friendly measures and further divestment of non-core and non-performing assets.”
SMFG Stock Movement Today
SMFG stock is up slightly as of Monday afternoon, with more than 281,000 shares traded. The company’s daily average trading volume is about 1.4 million shares. Shares of SMFG are also up 17.2% since the start of the year.
There are plenty more stock market stories that traders are going to want to read about today!
Luckily, we have all of that stock market news ready to go with our coverage for Monday! Among that is what’s going on with shares of Paramount (NASDAQ:PARA), Collective Audience (NASDAQ:CAUD) and Mullen Automotive (NASDAQ:MULN) stock today. All of that news is available at the links below!
More Stock Market News for Monday
- Bye Bye, Bob Bakish! PARA Stock Pops as Paramount Eyes CEO Ouster.
- Why Is Collective Audience (CAUD) Stock Up 98% Today?
- Why Is Mullen Automotive (MULN) Stock Up 27% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
