Sumitomo (OTCMKTS:SSUMY) Share Price Crosses Above 200-Day Moving Average - What's Next?

Key Points

• Sumitomo Corp. shares recently surpassed their 200-day moving average, trading as high as $30.00, with a current share price of $29.44.
• Zacks Research upgraded Sumitomo from a "hold" to a "strong-buy" rating, contributing to a consensus rating of "Strong Buy" among analysts.
• In its latest earnings report, Sumitomo posted an EPS of $0.98, exceeding estimates, despite revenues falling short of expectations at $12 billion for the quarter.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $25.94 and traded as high as $30.00. Sumitomo shares last traded at $29.44, with a volume of 84,696 shares trading hands.

Analyst Ratings Changes

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

Sumitomo Trading Up 0.8%

The firm's 50 day moving average price is $28.45 and its 200-day moving average price is $25.94. The stock has a market cap of $35.66 billion, a P/E ratio of 8.74, 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 current ratio of 1.59 and a quick ratio of 1.07.

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. The firm had revenue of $12 billion for the quarter, compared to the consensus estimate of $12.66 billion. Sumitomo had a net margin of 8.31% and a return on equity of 12.49%. As a group, equities research analysts forecast that Sumitomo Corp. will post 2.82 earnings per share 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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