Sumitomo (OTCMKTS:SSUMY) Reaches New 52-Week High - Here's Why

Key Points

• Sumitomo Corp. shares reached a new 52-week high, trading at $28.47, with a recent price of $27.25 and a trading volume of 21,979 shares.
• Nomura Securities upgraded Sumitomo's shares to a "strong-buy" rating, indicating positive outlook from analysts.
• In its last earnings report, Sumitomo reported $0.98 EPS, surpassing estimates, but revenue of $12 billion fell short of the expected $12.66 billion.

Shares of Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $28.47 and last traded at $27.25, with a volume of 21979 shares traded. The stock had previously closed at $27.45.

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 analyst has rated the stock with a Strong Buy rating, According to MarketBeat, Sumitomo presently has a consensus rating of "Strong Buy".

Sumitomo Stock Up 2.2%

The stock has a 50-day moving average of $26.06 and a two-hundred day moving average of $24.51. The company has a market cap of $33.73 billion, a P/E ratio of 8.26, a P/E/G ratio of 2.31 and a beta of 0.64. 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 released its earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.94 by $0.04. The company had revenue of $12 billion during the quarter, compared to the consensus estimate of $12.66 billion. Sumitomo had a return on equity of 12.70% and a net margin of 8.31%. On average, research analysts anticipate that Sumitomo Corp. will post 2.82 EPS for the current fiscal 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.