Sumitomo (OTCMKTS:SSUMY) Raised to Strong-Buy at Nomura Securities

Nomura Securities upgraded shares of Sumitomo (OTCMKTS:SSUMY) to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Sumitomo Stock Performance

SSUMY stock opened at $25.41 on Wednesday. The company has a market capitalization of $30.77 billion, a P/E ratio of 12.77, a PEG ratio of 0.67 and a beta of 0.65. The company has a 50-day simple moving average of $23.93 and a 200 day simple moving average of $22.61. Sumitomo has a fifty-two week low of $19.00 and a fifty-two week high of $26.89. The company has a quick ratio of 1.24, a current ratio of 1.77 and a debt-to-equity ratio of 0.55.

Sumitomo (OTCMKTS:SSUMY) last posted its quarterly earnings data on Thursday, May 1st. The conglomerate reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.02. The business had revenue of $13.83 billion during the quarter, compared to the consensus estimate of $11.78 billion. Sumitomo had a net margin of 5.42% and a return on equity of 7.73%. Sell-side analysts predict that Sumitomo will post 2.82 earnings per share for the current fiscal year.

About Sumitomo

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.