Sumitomo (OTCMKTS:SSUMY) Shares Gap Down – What’s Next?

Shares of Sumitomo Corp. (OTCMKTS:SSUMY) gapped down before the market opened on Wednesday . The stock had previously closed at $11.71, but opened at $11.20. Sumitomo shares last traded at $11.48, with a volume of 3,378 shares changing hands.

Analysts Set New Price Targets

Separately, Zacks Research raised Sumitomo from a “hold” rating to a “strong-buy” rating in a report on Monday, September 7th. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat, Sumitomo currently has a consensus rating of “Strong Buy”.

Sumitomo Stock Down 1.4%

The stock’s fifty day moving average is $10.91 and its two-hundred day moving average is $29.08. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.69. The firm has a market cap of $55.21 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 1.00 and a beta of 0.58.

Sumitomo (OTCMKTS:SSUMY) last announced its quarterly earnings results on Friday, July 31st. The conglomerate reported $0.25 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.58). The firm had revenue of $12.24 billion during the quarter, compared to the consensus estimate of $11.50 billion. Sumitomo had a net margin of 8.23% and a return on equity of 12.71%. As a group, research analysts anticipate that Sumitomo Corp. will post 1.51 earnings per share for the current year.

About Sumitomo

Sumitomo Corporation is a diversified Japanese trading and business investment company. It develops and manages businesses across a broad range of industries, including metal products, transportation and infrastructure, construction systems, mineral resources and energy, chemical products, lifestyle-related products and services, and media and digital services.

The company connects manufacturers, suppliers, customers and financial partners through international trading, supply-chain management, project development and business investment.