Sumitomo (OTCMKTS:SSUMY) Stock Price Passes Above 50 Day Moving Average - Should You Sell?

Key Points

• Sumitomo Corp.'s stock price recently surpassed its 50-day moving average of $26.11, reaching a high of $28.00 before settling at $27.78.
• Nomura Securities upgraded Sumitomo to a "strong-buy" rating, contributing to the overall consensus rating of "Strong Buy" from analysts.
• The company's market capitalization stands at $33.65 billion, with a reported EPS of $0.98 that exceeded analyst estimates for the latest quarter.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report)'s share price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $26.11 and traded as high as $28.00. Sumitomo shares last traded at $27.78, with a volume of 31,571 shares traded.

Analyst Upgrades and Downgrades

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

Sumitomo Trading Down 0.2%

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 business has a 50 day moving average of $26.34 and a 200 day moving average of $24.73. The firm has a market capitalization of $33.95 billion, a price-to-earnings ratio of 8.32, a PEG ratio of 2.38 and a beta of 0.64.

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, topping analysts' consensus estimates of $0.94 by $0.04. Sumitomo had a return on equity of 12.70% and a net margin of 8.31%.The business had revenue of $12 billion during the quarter, compared to analysts' expectations of $12.66 billion. As a group, research analysts predict 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.