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

Key Points

• Sumitomo Corp.'s stock price has crossed above its 50-day moving average of $28.78, currently trading at approximately $29.48.
• Zacks Research upgraded Sumitomo from a "hold" rating to a "strong-buy" rating, with two other analysts also rating it as a Strong Buy.
• The company reported earnings of $0.98 per share, beating expectations, although it faced a revenue shortfall compared to analysts' estimates.

Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report)'s stock price crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $28.78 and traded as high as $30.47. Sumitomo shares last traded at $29.48, with a volume of 75,441 shares traded.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of Sumitomo from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Sumitomo presently has an average rating of "Strong Buy".

Sumitomo Stock Down 0.4%

The firm has a 50 day simple moving average of $28.78 and a two-hundred day simple moving average of $26.16. The company has a market capitalization of $35.71 billion, a PE ratio of 8.75, a P/E/G ratio of 1.77 and a beta of 0.56. The company has a current ratio of 1.59, a quick ratio of 1.07 and a debt-to-equity ratio of 0.54.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last announced its earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.04. Sumitomo had a return on equity of 12.49% and a net margin of 8.31%.The company had revenue of $12 billion for the quarter, compared to the consensus estimate of $12.66 billion. Research analysts expect that Sumitomo Corp. will post 2.82 EPS 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.

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