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

Key Points

• Sumitomo Corp. reached a new 52-week high with shares trading as high as $30.47 on Thursday, closing at $29.55.
• Zacks Research upgraded Sumitomo's stock to a "strong-buy" rating, contributing to a consensus rating of "Strong Buy" among analysts.
• The company reported earnings of $0.98 per share for the last quarter, exceeding estimates, and had a return on equity of 12.49%.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $30.47 and last traded at $29.55, with a volume of 15849 shares changing hands. The stock had previously closed at $29.60.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Sumitomo from a "hold" rating to a "strong-buy" rating in a report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, According to MarketBeat, Sumitomo has a consensus rating of "Strong Buy".

Sumitomo Stock Performance

The firm has a fifty day moving average of $28.74 and a 200 day moving average of $26.12. The firm has a market capitalization of $35.86 billion, a PE ratio of 8.78, a P/E/G ratio of 1.75 and a beta of 0.56. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.07 and a current ratio of 1.59.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last announced its earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.94 by $0.04. Sumitomo had a return on equity of 12.49% and a net margin of 8.31%.The company had revenue of $12 billion for the quarter, compared to analyst estimates of $12.66 billion. Equities research analysts expect that Sumitomo Corp. will post 2.82 EPS 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.

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