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

Key Points

• Shares of Sumitomo Corp. have recently crossed above their 50-day moving average, trading as high as $30.00, with a last recorded price of $29.44.
• Zacks Research has upgraded Sumitomo from a "hold" rating to a "strong-buy" rating, indicating positive analyst sentiment towards the company's stock.
• For the last quarter, Sumitomo reported earnings of $0.98 per share, surpassing analysts' expectations, although revenue fell short at $12 billion compared to expected $12.66 billion.

Shares of Sumitomo Corp. (OTCMKTS:SSUMY - Get Free Report) crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $28.45 and traded as high as $30.00. Sumitomo shares last traded at $29.44, with a volume of 84,696 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded Sumitomo from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 29th. Two investment 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 Up 0.8%

The company has a current ratio of 1.59, a quick ratio of 1.07 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $35.66 billion, a price-to-earnings ratio of 8.74, a PEG ratio of 1.75 and a beta of 0.56. The stock has a fifty day moving average of $28.45 and a 200-day moving average of $25.94.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last issued its earnings results on Thursday, July 31st. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 12.49% and a net margin of 8.31%. As a group, sell-side 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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