Sumitomo (OTCMKTS:SSUMY) Stock Passes Above 50-Day Moving Average - Here's What Happened

Key Points

• Sumitomo Corp.'s stock price surpassed its 50-day moving average during trading, reaching a high of $29.00 before closing at $28.92.
• The company reported earnings of $0.98 per share in its latest quarterly results, exceeding analysts’ expectations of $0.94.
• Sumitomo has a market capitalization of $35.03 billion with a price-to-earnings ratio of 8.58, indicating a potentially undervalued stock.

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 $28.07 and traded as high as $29.00. Sumitomo shares last traded at $28.92, with a volume of 88,750 shares changing hands.

Sumitomo Stock Performance

The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.07 and a current ratio of 1.59. The company has a market capitalization of $35.03 billion, a price-to-earnings ratio of 8.58, a P/E/G ratio of 1.87 and a beta of 0.58. The firm has a 50-day simple moving average of $28.07 and a two-hundred day simple moving average of $25.76.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.04. The business 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 12.49%. On average, sell-side analysts anticipate that Sumitomo Corp. will post 2.82 EPS for the current fiscal year.

Sumitomo Company Profile

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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