Sumitomo (OTCMKTS:SSUMY) Upgraded by Zacks Research to Strong-Buy Rating

Key Points

• Sumitomo Corporation has been upgraded from a "hold" rating to a "strong-buy" rating by Zacks Research, indicating increased confidence from analysts in the company's potential.
• The company's stock price decreased by 1.5% on the day of the upgrade, currently trading at $28.92 with a market capitalization of $35.03 billion.
• In its latest earnings report, Sumitomo reported $0.98 EPS, which exceeded estimates, but its revenue of $12 billion fell short of analyst expectations.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Monday,Zacks.com reports.

Sumitomo Stock Down 1.5%

OTCMKTS SSUMY opened at $28.92 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.59 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average of $28.07 and a two-hundred day moving average of $25.76. The firm has a market capitalization of $35.03 billion, a price-to-earnings ratio of 8.58, a PEG ratio of 1.87 and a beta of 0.58. Sumitomo has a 52 week low of $19.18 and a 52 week high of $30.00.

Sumitomo (OTCMKTS:SSUMY - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The conglomerate reported $0.98 EPS for the quarter, topping the consensus estimate of $0.94 by $0.04. The company had revenue of $12 billion during the quarter, compared to analyst estimates of $12.66 billion. Sumitomo had a net margin of 8.31% and a return on equity of 12.49%. On average, analysts predict that Sumitomo will post 2.82 earnings per share 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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