Sumitomo (OTCMKTS:SSUMY) Sets New 1-Year High on Better-Than-Expected Earnings

Sumitomo Corp. (OTCMKTS:SSUMY) shares reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $44.50 and last traded at $44.50, with a volume of 6181 shares. The stock had previously closed at $37.41.

The conglomerate reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.12. Sumitomo had a return on equity of 11.27% and a net margin of 7.56%.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Sumitomo from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy”.

Sumitomo Trading Up 16.9%

The firm has a market cap of $52.25 billion, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 1.18 and a beta of 0.53. The stock has a fifty day simple moving average of $37.81 and a 200 day simple moving average of $35.81. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.89 and a current ratio of 1.26.

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.