Sumitomo (OTCMKTS:SSUMY) Shares Gap Up Following Earnings Beat

Shares of Sumitomo Corp. (OTCMKTS:SSUMY) gapped up prior to trading on Monday following a stronger than expected earnings report. The stock had previously closed at $37.41, but opened at $45.27. Sumitomo shares last traded at $43.59, with a volume of 5,528 shares.

The conglomerate reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.12. The company had revenue of $12.48 billion during the quarter, compared to analysts’ expectations of $14.01 billion. Sumitomo had a return on equity of 12.04% and a net margin of 8.19%.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded Sumitomo from a “strong sell” rating to a “hold” rating in a 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. According to data from MarketBeat.com, Sumitomo presently has a consensus rating of “Buy”.

Sumitomo Stock Performance

The firm has a market capitalization of $52.25 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 1.43 and a beta of 0.51. The company has a fifty day moving average of $37.81 and a two-hundred day moving average of $35.90. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.89 and a current ratio of 1.26.

About Sumitomo

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.