Sumitomo (OTCMKTS:SSUMY) Hits New 52-Week High - Time to Buy?

Key Points

• Sumitomo Corp. (OTCMKTS:SSUMY) shares reached a new 12-month high of $29.94 during trading, reflecting strong investor interest.
• Nomura Securities has upgraded Sumitomo to a "strong-buy" rating, contributing to its overall consensus rating of "Strong Buy" from analysts.
• In its latest earnings report, Sumitomo posted $0.98 earnings per share, beating estimates and indicating robust financial performance despite a slight revenue miss.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $29.94 and last traded at $29.89, with a volume of 61069 shares trading hands. The stock had previously closed at $29.34.

Analyst Upgrades and Downgrades

Separately, Nomura Securities upgraded shares of Sumitomo to a "strong-buy" rating in a research note on Wednesday, May 28th. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Strong Buy".

Sumitomo Stock Performance

The stock has a market capitalization of $35.85 billion, a P/E ratio of 8.78, a P/E/G ratio of 2.51 and a beta of 0.58. The company's 50-day moving average is $26.99 and its two-hundred day moving average is $25.16. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last issued its quarterly earnings data 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 firm 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%. As a group, sell-side analysts anticipate that Sumitomo Corp. will post 2.82 EPS for the current fiscal 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.