Sumitomo (OTCMKTS:SSUMY) Hits New 12-Month High - Here's Why

Key Points

• Sumitomo Corp. shares reached a new 52-week high of $28.00 during trading, closing slightly lower at $27.52 with a trading volume of 81,342 shares.
• Nomura Securities upgraded Sumitomo's stock rating to "strong-buy" on May 28th, indicating a positive outlook for the company.
• For the last quarter, Sumitomo reported earnings per share of $0.98, surpassing estimates, with total revenue of $12 billion despite falling short of the analyst forecast.

Shares of Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $28.00 and last traded at $27.52, with a volume of 81342 shares. The stock had previously closed at $27.55.

Analyst Ratings Changes

Separately, Nomura Securities raised shares of Sumitomo to a "strong-buy" rating in a research report on Wednesday, May 28th.

Sumitomo Price Performance

The stock has a market cap of $33.33 billion, a P/E ratio of 8.17, a price-to-earnings-growth ratio of 2.34 and a beta of 0.64. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $25.64 and its 200-day simple moving average is $24.18.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.04. The firm had revenue of $12 billion for the quarter, compared to analyst estimates of $12.66 billion. Sumitomo had a net margin of 8.31% and a return on equity of 12.70%. As a group, sell-side analysts forecast that Sumitomo Corp. will post 2.82 EPS for the current year.

About Sumitomo

Sumitomo Corporation engages in general trading business worldwide. It operates through six segments: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics. The company provides steel sheets and tubular products; and manufactures, leases, sells, services, and finances ships, aircrafts, motor vehicles, construction equipment, and components and parts.

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