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

Sumitomo Corp. (OTCMKTS:SSUMY) shares gapped down before the market opened on Friday . The stock had previously closed at $11.85, but opened at $11.41. Sumitomo shares last traded at $11.9615, with a volume of 52,169 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. One research analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the company presently has an average rating of “Strong Buy”.

Sumitomo Price Performance

The stock has a market capitalization of $57.46 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 1.03 and a beta of 0.58. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.69. The company’s 50 day moving average is $13.54 and its 200 day moving average is $30.74.

Sumitomo (OTCMKTS:SSUMY) last released its quarterly earnings data on Friday, July 31st. The conglomerate reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.58). The company had revenue of $12.24 billion during the quarter, compared to analyst estimates of $11.50 billion. Sumitomo had a net margin of 8.23% and a return on equity of 12.71%. Research analysts anticipate that Sumitomo Corp. will post 1.51 EPS for the current fiscal year.

About Sumitomo

Sumitomo Corporation is a diversified Japanese trading and business investment company. It develops and manages businesses across a broad range of industries, including metal products, transportation and infrastructure, construction systems, mineral resources and energy, chemical products, lifestyle-related products and services, and media and digital services.

The company connects manufacturers, suppliers, customers and financial partners through international trading, supply-chain management, project development and business investment.