Sumitomo (OTCMKTS:SSUMY) Shares Gap Down - What's Next?

Key Points

• Sumitomo Corp. shares experienced a significant gap down, opening at $26.65 after closing at $27.94, with the last trade at $27.76.
• Nomura Securities has upgraded Sumitomo to a "strong-buy" rating, indicating positive sentiment from analysts regarding the stock's future performance.
• For the last quarter, Sumitomo reported $0.98 earnings per share, surpassing estimates, although its revenue of $12 billion fell short of expectations.

Shares of Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $27.94, but opened at $26.65. Sumitomo shares last traded at $27.76, with a volume of 27,600 shares.

Analyst Upgrades and Downgrades

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

Sumitomo Stock Performance

The firm has a market cap of $33.29 billion, a PE ratio of 8.16, a P/E/G ratio of 2.33 and a beta of 0.64. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.56 and a quick ratio of 1.05. The stock has a 50-day moving average price of $25.81 and a 200 day moving average price of $24.35.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The conglomerate reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.94 by $0.04. The business 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%. Research analysts forecast that Sumitomo Corp. will post 2.82 earnings per share 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.