Sumitomo Electric Industries (OTCMKTS:SMTOY) Upgraded at Nomura

Sumitomo Electric Industries (OTCMKTS:SMTOY) was upgraded by Nomura to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Separately, Jefferies Financial Group upgraded shares of Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 4th. Three investment analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Strong Buy”.

Sumitomo Electric Industries Stock Down 1.4%

SMTOY stock opened at $59.30 on Wednesday. The stock has a market cap of $46.25 billion, a PE ratio of 27.08 and a beta of 0.77. The firm’s 50-day simple moving average is $57.99 and its 200 day simple moving average is $44.10. Sumitomo Electric Industries has a fifty-two week low of $12.12 and a fifty-two week high of $72.29.

About Sumitomo Electric Industries

Sumitomo Electric Industries, Ltd. is a diversified Japanese industrial manufacturing company renowned for its expertise in electric wire and cable technologies. The company operates through multiple business segments, including power and communications systems, automotive and electronics materials, and industrial materials. Its product portfolio spans high-performance power cables, optical fibers, wiring harnesses, and various electronic components designed to serve the needs of energy utilities, telecommunications carriers, automotive manufacturers and industrial clients worldwide.

In the power and communications segment, Sumitomo Electric produces underground and submarine power cables, cable accessories and optical fiber cables for high-speed data transmission.