Sumitomo (OTCMKTS:SSUMY) Reaches New 1-Year High – Here’s Why

Sumitomo Corp. (OTCMKTS:SSUMY) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $36.13 and last traded at $36.13, with a volume of 4646 shares changing hands. The stock had previously closed at $35.79.

Analysts Set New Price Targets

Separately, Zacks Research raised shares of Sumitomo from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, Sumitomo has an average rating of “Strong Buy”.

Sumitomo Stock Up 0.9%

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.57 and a quick ratio of 1.06. The stock has a 50 day moving average price of $32.26 and a 200-day moving average price of $29.32. The stock has a market capitalization of $43.75 billion, a P/E ratio of 10.65, a PEG ratio of 1.40 and a beta of 0.47.

Sumitomo (OTCMKTS:SSUMY) last posted its quarterly earnings results on Friday, October 31st. The conglomerate reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.13). Sumitomo had a net margin of 8.34% and a return on equity of 12.31%. The firm had revenue of $11.35 billion for the quarter, compared to the consensus estimate of $11.60 billion. As a group, research analysts expect that Sumitomo Corp. will post 2.82 EPS for the current fiscal year.

Sumitomo Company Profile

Sumitomo Corporation (OTCMKTS: SSUMY) is a global integrated trading and investment company headquartered in Japan. As one of the country’s major sogo shosha (general trading firms), Sumitomo operates a diversified business portfolio that spans trading, project development, equity investments and provision of services to industrial and consumer markets. The company acts as a commercial intermediary and strategic investor, linking producers, manufacturers and end users across international supply chains.

Sumitomo’s business activities cover a wide range of sectors, including metal products and mining, transportation and construction systems, infrastructure and real estate, energy and chemical products, electronics and digital solutions, and consumer goods and food.