Sumitomo (OTCMKTS:SSUMY) Sets New 12-Month High - Here's What Happened

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) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $28.47 and last traded at $27.25, with a volume of 21979 shares trading hands. The stock had previously closed at $27.45.

Wall Street Analysts Forecast Growth

Separately, Nomura Securities raised shares of Sumitomo to a "strong-buy" rating in a report on Wednesday, May 28th.

Sumitomo Price Performance

The firm's 50-day moving average price is $25.81 and its 200-day moving average price is $24.35. 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 $33.27 billion, a PE ratio of 8.15, a PEG ratio of 2.33 and a beta of 0.64.

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 the consensus estimate of $0.94 by $0.04. The firm had revenue of $12 billion for the quarter, compared to analysts' expectations of $12.66 billion. Sumitomo had a net margin of 8.31% and a return on equity of 12.70%. On average, equities analysts forecast 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.

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