Sumitomo (OTCMKTS:SSUMY) Shares Gap Up – Here’s What Happened

Sumitomo Corp. (OTCMKTS:SSUMY – Get Free Report)’s share price gapped up before the market opened on Tuesday. The stock had previously closed at $10.85, but opened at $11.43. Sumitomo shares last traded at $10.9750, with a volume of 8,213 shares trading hands.

Wall Street Analysts Forecast Growth

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

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Sumitomo Trading Down 0.2%

The firm’s 50-day moving average price is $11.28 and its 200 day moving average price is $26.26. The company has a market cap of $52.63 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 0.95 and a beta of 0.60. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.69.

Sumitomo (OTCMKTS:SSUMY – Get Free Report) last released its earnings results on Friday, July 31st. The conglomerate reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.58). The company had revenue of $12.24 billion for the quarter, compared to analyst estimates of $11.50 billion. Sumitomo had a net margin of 8.23% and a return on equity of 12.71%. As a group, equities analysts expect that Sumitomo Corp. will post 1.51 EPS for the current year.

Sumitomo Company Profile

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Sumitomo Corporation is a Japan-based global trading and business investment company. It operates across a broad range of industries, including metal products, transportation and construction systems, infrastructure, media and digital services, and lifestyle-related businesses.

The company is involved in the development, financing, and operation of infrastructure projects, as well as the trading and distribution of steel, nonferrous metals, energy, chemical products, food, and consumer goods.

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