Sumitomo (OTCMKTS:SSUMY) Shares Gap Up Following Earnings Beat

Key Points

• Shares gapped up before the open to $45.27 from a prior close of $37.41 and last traded at $43.59 on a volume of 5,528 shares.
• The company posted EPS of $1.02, beating the $0.90 consensus, while revenue missed at $12.48 billion versus the $14.01 billion estimate.
• Zacks upgraded Sumitomo from "strong sell" to "hold" and MarketBeat shows a consensus "Buy"; the firm has a market cap of $52.25 billion and a P/E of 13.21.

Shares of Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) gapped up before the market opened on Monday following a stronger than expected earnings report. The stock had previously closed at $37.41, but opened at $45.27. Sumitomo shares last traded at $43.59, with a volume of 5,528 shares traded.

The conglomerate reported $1.02 EPS for the quarter, topping the consensus estimate of $0.90 by $0.12. The business had revenue of $12.48 billion for the quarter, compared to the consensus estimate of $14.01 billion. Sumitomo had a return on equity of 12.04% and a net margin of 8.19%.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Sumitomo from a "strong sell" rating to a "hold" rating in a research note on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy".

Sumitomo Price Performance

The company has a market cap of $52.25 billion, a P/E ratio of 13.21, a PEG ratio of 1.43 and a beta of 0.51. The company has a fifty day moving average price of $37.81 and a two-hundred day moving average price of $35.90. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.89 and a current ratio of 1.26.

Sumitomo Company Profile

Sumitomo Corporation OTCMKTS: SSUMY is a global integrated trading and investment company headquartered in Japan. As one of the country's major sogo shosha (general trading firms), Sumitomo operates a diversified business portfolio that spans trading, project development, equity investments and provision of services to industrial and consumer markets. The company acts as a commercial intermediary and strategic investor, linking producers, manufacturers and end users across international supply chains.

Sumitomo's business activities cover a wide range of sectors, including metal products and mining, transportation and construction systems, infrastructure and real estate, energy and chemical products, electronics and digital solutions, and consumer goods and food.

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