Sumitomo (OTCMKTS:SSUMY) Reaches New 1-Year High - Should You Buy?

Key Points

• Sumitomo Corp. reached a new **52-week high** of $28.80 during trading, indicating strong market performance.
• Nomura Securities upgraded Sumitomo to a **"strong-buy" rating**, contributing to the stock's positive outlook among analysts.
• The company reported earnings per share of **$0.98**, surpassing estimates, with revenue figures slightly below expectations at **$12 billion** for the quarter.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) reached a new 52-week high during trading on Wednesday . The stock traded as high as $28.80 and last traded at $28.54, with a volume of 24057 shares. The stock had previously closed at $28.77.

Analyst Ratings Changes

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

Sumitomo Stock Performance

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 stock has a market capitalization of $34.65 billion, a PE ratio of 8.49, a price-to-earnings-growth ratio of 2.38 and a beta of 0.58. The firm's fifty day moving average is $26.48 and its 200-day moving average is $24.82.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.94 by $0.04. The company 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, research analysts anticipate that Sumitomo Corp. will post 2.82 earnings per share 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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