Sumitomo Electric Industries (OTCMKTS:SMTOY) Releases Earnings Results, Misses Estimates By $0.14 EPS

Sumitomo Electric Industries (OTCMKTS:SMTOY) released its quarterly earnings data on Tuesday. The company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.14), Zacks reports.

Sumitomo Electric Industries Stock Performance

Shares of Sumitomo Electric Industries stock traded down $3.53 on Tuesday, hitting $70.99. 19,692 shares of the company’s stock were exchanged, compared to its average volume of 98,046. Sumitomo Electric Industries has a 1 year low of $17.26 and a 1 year high of $74.52. The company has a 50-day simple moving average of $63.55 and a 200-day simple moving average of $50.66. The stock has a market capitalization of $55.37 billion, a PE ratio of 32.42 and a beta of 0.97.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SMTOY shares. Jefferies Financial Group upgraded shares of Sumitomo Electric Industries from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 4th. Nomura upgraded shares of Sumitomo Electric Industries to a “strong-buy” rating in a research note on Wednesday, April 1st. Three research analysts have rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company has an average 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.