Sumitomo Electric Industries (SMTOY) Expected to Announce Earnings on Tuesday

Sumitomo Electric Industries (OTCMKTS:SMTOY) is projected to release its resultson Tuesday, May 12th. Analysts expect Sumitomo Electric Industries to post earnings of $1.14 per share and revenue of $8.1879 billion for the quarter.

Sumitomo Electric Industries Stock Performance

Shares of Sumitomo Electric Industries stock traded up $1.30 during trading on Tuesday, reaching $64.90. 9,135 shares of the company’s stock were exchanged, compared to its average volume of 100,922. Sumitomo Electric Industries has a 1-year low of $16.26 and a 1-year high of $72.29. The company has a market cap of $50.62 billion, a P/E ratio of 29.63 and a beta of 0.97. The firm’s 50-day moving average price is $63.13 and its 200 day moving average price is $49.23.

Analysts Set New Price Targets

A number of research firms have recently commented on SMTOY. Jefferies Financial Group raised Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. Nomura raised Sumitomo Electric Industries to a “strong-buy” rating in a report on Wednesday, April 1st. Three investment analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Strong Buy”.

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.