Sumitomo (OTCMKTS:SSUMY) Shares Gap Up – Should You Buy?

Sumitomo Corp. (OTCMKTS:SSUMY) shares gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Sumitomo from a “hold” rating to a “strong-buy” rating in a research report 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 an average rating of “Strong Buy”.

Sumitomo Price Performance

The company’s fifty day moving average price is $11.27 and its 200 day moving average price is $26.62. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.94 and a current ratio of 1.34. The firm has a market capitalization of $52.44 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 0.94 and a beta of 0.60.

Sumitomo (OTCMKTS:SSUMY) last announced its quarterly earnings data on Friday, July 31st. The conglomerate reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.58). The business had revenue of $12.24 billion for 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%. Equities research analysts expect that Sumitomo Corp. will post 1.51 earnings per share for the current year.

About Sumitomo

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.