Sumitomo (OTCMKTS:SSUMY) Sets New 1-Year High - Here's What Happened

Key Points

• Shares of Sumitomo Corp. hit a new 52-week high of $30.00 during trading, closing at $29.98 with a volume of 1,737 shares traded.
• Nomura Securities has upgraded Sumitomo to a “strong-buy” rating, contributing to an average rating of "Strong Buy" among analysts.
• The company reported quarterly earnings of $0.98 per share, exceeding analysts' expectations, although revenue was slightly below forecasts at $12 billion.

Shares of Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $30.00 and last traded at $29.98, with a volume of 1737 shares traded. The stock had previously closed at $29.95.

Analysts Set New Price Targets

Separately, Nomura Securities raised Sumitomo to a "strong-buy" rating in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, Sumitomo currently has an average rating of "Strong Buy".

Sumitomo Trading Down 0.3%

The business has a 50-day moving average of $27.57 and a 200-day moving average of $25.52. The stock has a market capitalization of $36.17 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 1.90 and a beta of 0.58. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.05 and a current ratio of 1.56.

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 analysts' consensus estimates of $0.94 by $0.04. Sumitomo had a return on equity of 12.70% and a net margin of 8.31%.The company had revenue of $12 billion during the quarter, compared to analysts' expectations of $12.66 billion. As a group, research analysts forecast 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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