Sumitomo (OTCMKTS:SSUMY) Hits New 12-Month High - Should You Buy?

Key Points

• Sumitomo Corp. shares reached a new 52-week high of $27.00, with trading volume at 2,423 shares during mid-day trading.
• Nomura Securities upgraded the stock to a "strong-buy" rating, indicating a positive outlook for potential investors.
• The company reported earnings per share of $0.98, beating estimates, although its revenue of $12 billion fell short of expectations.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $27.00 and last traded at $27.00, with a volume of 2423 shares. The stock had previously closed at $26.48.

Analyst Ratings Changes

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

Sumitomo Trading Up 2.1%

The company has a debt-to-equity ratio of 0.55, a current ratio of 1.56 and a quick ratio of 1.05. The stock's 50-day simple moving average is $25.50 and its two-hundred day simple moving average is $23.99. The firm has a market capitalization of $32.75 billion, a P/E ratio of 8.02, a price-to-earnings-growth ratio of 2.25 and a beta of 0.64.

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

Sumitomo Company Profile

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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