Sumitomo (OTCMKTS:SSUMY) Shares Pass Above 50-Day Moving Average - Time to Sell?

Key Points

• Sumitomo Corp. shares have surpassed their fifty day moving average of $25.46, trading at a high of $26.59 and closing at $25.93 with a volume of 51,469 shares.
• Nomura Securities upgraded Sumitomo to a "strong-buy" rating, reflecting increased analyst confidence in the company's stock.
• In its latest earnings report, Sumitomo exceeded expectations with a reported EPS of $0.79, surpassing the consensus estimate of $0.77, and achieving revenue of $13.83 billion compared to the expected $11.78 billion.

Shares of Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $25.46 and traded as high as $26.59. Sumitomo shares last traded at $25.93, with a volume of 51,469 shares.

Wall Street Analysts Forecast Growth

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

Sumitomo Stock Performance

The firm has a fifty day moving average of $25.46 and a 200-day moving average of $23.85. The stock has a market capitalization of $31.22 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 5.72 and a beta of 0.62. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.55.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The conglomerate reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.02. The firm had revenue of $13.83 billion during the quarter, compared to analysts' expectations of $11.78 billion. Sumitomo had a return on equity of 11.60% and a net margin of 7.71%. As a group, sell-side analysts anticipate 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.