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

Sumitomo Corp. (OTCMKTS:SSUMY) gapped down prior to trading on Wednesday . The stock had previously closed at $35.08, but opened at $33.69. Sumitomo shares last traded at $34.7950, with a volume of 27,778 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 29th. Two investment analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Strong Buy”.

Sumitomo Trading Down 0.5%

The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.06 and a current ratio of 1.57. The company’s 50-day moving average price is $31.61 and its 200-day moving average price is $28.79. The firm has a market capitalization of $42.29 billion, a PE ratio of 10.30, a PEG ratio of 1.41 and a beta of 0.49.

Sumitomo (OTCMKTS:SSUMY) last posted its earnings results on Friday, October 31st. The conglomerate reported $0.73 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.13). The business had revenue of $11.35 billion during the quarter, compared to analysts’ expectations of $11.60 billion. Sumitomo had a net margin of 8.34% and a return on equity of 12.31%. On average, sell-side analysts expect that Sumitomo Corp. will post 2.82 earnings per share for the current year.

Sumitomo Company Profile

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.