Sumitomo (OTCMKTS:SSUMY) Share Price Passes Above 50-Day Moving Average – Here’s What Happened

Sumitomo Corp. (OTCMKTS:SSUMY)’s stock price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $30.95 and traded as high as $35.28. Sumitomo shares last traded at $34.03, with a volume of 67,941 shares trading hands.

Wall Street Analyst Weigh In

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

Sumitomo Price Performance

The company has a current ratio of 1.57, a quick ratio of 1.06 and a debt-to-equity ratio of 0.50. The stock has a market cap of $41.22 billion, a PE ratio of 10.04, a PEG ratio of 1.39 and a beta of 0.49. The business has a 50-day moving average price of $30.95 and a 200 day moving average price of $28.42.

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

Sumitomo Company Profile

Sumitomo Corporation engages in general trading business worldwide. It operates through six segments: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics. The company provides steel sheets and tubular products; and manufactures, leases, sells, services, and finances ships, aircrafts, motor vehicles, construction equipment, and components and parts.