Sumitomo (OTCMKTS:SSUMY) Reaches New 52-Week High - Should You 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) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $29.94 and last traded at $29.89, with a volume of 61069 shares changing hands. The stock had previously closed at $29.34.

Analysts Set New Price Targets

Separately, Nomura Securities raised shares of Sumitomo to a "strong-buy" rating in a report on Wednesday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, Sumitomo has a consensus rating of "Strong Buy".

Sumitomo Trading Down 0.8%

The company's 50 day moving average price is $27.06 and its two-hundred day moving average price is $25.24. 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 has a market capitalization of $35.58 billion, a PE ratio of 8.72, a P/E/G ratio of 2.49 and a beta of 0.58.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share for the quarter, topping 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, analysts expect that Sumitomo Corp. will post 2.82 earnings per share 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.