Sumitomo (OTCMKTS:SSUMY) Share Price Crosses Above 50-Day Moving Average - Time to Sell?

Key Points

• Sumitomo Corp.'s shares have crossed above their 50-day moving average price of $25.49, reaching a high of $26.57 during trading.
• Analysts at Nomura Securities have upgraded Sumitomo's rating to "strong-buy", suggesting positive future expectations for the stock.
• In its last quarterly earnings report, Sumitomo posted an EPS of $0.98, exceeding consensus estimates, although its revenue fell short of expectations at $12 billion.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report)'s stock price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $25.49 and traded as high as $26.57. Sumitomo shares last traded at $26.48, with a volume of 75,194 shares.

Wall Street Analyst Weigh In

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

Sumitomo Price Performance

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 company has a market cap of $33.36 billion, a P/E ratio of 8.17, a PEG ratio of 2.30 and a beta of 0.64. The business's fifty day moving average is $25.56 and its 200 day moving average is $24.05.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The conglomerate reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.04. The company 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%. 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.