Sumitomo (OTCMKTS:SSUMY) Sets New 1-Year High - Still a Buy?

Key Points

• Sumitomo Corp. shares reached a new 52-week high at $29.99, closing at $29.40, indicating strong trading activity with a volume of 4,048 shares traded.
• Nomura Securities upgraded Sumitomo to a "strong-buy" rating, reflecting positive sentiment among analysts with an average rating of "Strong Buy" for the stock.
• Sumitomo reported $0.98 earnings per share for the last quarter, exceeding the consensus estimate, with revenue of $12 billion, slightly below analyst expectations.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $29.99 and last traded at $29.40, with a volume of 4048 shares traded. The stock had previously closed at $29.37.

Analysts Set New Price Targets

Separately, Nomura Securities upgraded shares of 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 data from MarketBeat, the stock currently has an average rating of "Strong Buy".

Sumitomo Trading Up 0.4%

The firm's 50-day moving average price is $27.06 and its 200 day moving average price is $25.24. The company has a market cap of $35.71 billion, a price-to-earnings ratio of 8.75, a P/E/G ratio of 2.49 and a beta of 0.58. 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 earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.04. Sumitomo had a net margin of 8.31% and a return on equity of 12.70%. The business had revenue of $12 billion for the quarter, compared to analyst estimates of $12.66 billion. As a group, equities analysts expect 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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