Sumitomo (OTCMKTS:SSUMY) Stock Crosses Above 50-Day Moving Average - What's Next?

Key Points

• Sumitomo Corp. stock price crossed above its 50-day moving average of $26.48, trading at a high of $28.77.
• Nomura Securities upgraded Sumitomo to a "strong-buy" rating, contributing to an overall strong outlook with the stock rated as a "Strong Buy" by analysts.
• Sumitomo reported earnings of $0.98 EPS for the last quarter, exceeding expectations, though revenue was slightly below analyst forecasts at $12 billion.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report)'s share price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $26.48 and traded as high as $28.77. Sumitomo shares last traded at $28.77, with a volume of 62,990 shares.

Analyst Ratings Changes

Separately, Nomura Securities raised Sumitomo to a "strong-buy" rating in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Strong Buy".

Sumitomo Stock Up 2.6%

The firm has a 50 day moving average price of $26.48 and a two-hundred day moving average price of $24.82. The firm has a market capitalization of $34.84 billion, a price-to-earnings ratio of 8.54, a price-to-earnings-growth ratio of 2.38 and a beta of 0.58. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55.

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, beating the consensus estimate of $0.94 by $0.04. Sumitomo had a net margin of 8.31% and a return on equity of 12.70%. The firm had revenue of $12 billion for the quarter, compared to analyst estimates of $12.66 billion. On average, equities analysts expect that Sumitomo Corp. will post 2.82 earnings per share for the current fiscal 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.

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