Sumitomo (OTCMKTS:SSUMY) Reaches New 12-Month High – Here’s Why

Sumitomo Corp. (OTCMKTS:SSUMY) hit a new 52-week high on Thursday . The stock traded as high as $41.24 and last traded at $39.8730, with a volume of 38340 shares changing hands. The stock had previously closed at $39.86.

Analysts Set New Price Targets

Separately, Zacks Research raised Sumitomo from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Strong Buy”.

Sumitomo Stock Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.06 and a current ratio of 1.57. The company’s 50 day moving average price is $34.12 and its 200-day moving average price is $30.34. The company has a market cap of $48.38 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 1.58 and a beta of 0.47.

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

About Sumitomo

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.