Sumitomo Electric Industries (OTCMKTS:SMTOY) Stock Rating Upgraded by Nomura

Sumitomo Electric Industries (OTCMKTS:SMTOY) was upgraded by investment analysts at Nomura to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Separately, Jefferies Financial Group upgraded Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 4th. Three investment analysts have rated the stock with a Strong Buy rating, According to MarketBeat, Sumitomo Electric Industries presently has an average rating of “Strong Buy”.

Sumitomo Electric Industries Price Performance

Sumitomo Electric Industries stock opened at $59.30 on Wednesday. Sumitomo Electric Industries has a 12-month low of $12.12 and a 12-month high of $72.29. The stock has a market capitalization of $46.25 billion, a PE ratio of 27.08 and a beta of 0.77. The firm has a 50 day simple moving average of $57.99 and a 200-day simple moving average of $44.10.

Sumitomo Electric Industries Company Profile

Sumitomo Electric Industries, Ltd. is a diversified Japanese industrial manufacturing company renowned for its expertise in electric wire and cable technologies. The company operates through multiple business segments, including power and communications systems, automotive and electronics materials, and industrial materials. Its product portfolio spans high-performance power cables, optical fibers, wiring harnesses, and various electronic components designed to serve the needs of energy utilities, telecommunications carriers, automotive manufacturers and industrial clients worldwide.

In the power and communications segment, Sumitomo Electric produces underground and submarine power cables, cable accessories and optical fiber cables for high-speed data transmission.