Sumitomo Electric Industries (OTCMKTS:SMTOY) Upgraded by Nomura to Strong-Buy Rating

Nomura upgraded shares of Sumitomo Electric Industries (OTCMKTS:SMTOY) to a strong-buy rating in a research report report published on Wednesday morning,Zacks.com reports.

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

Sumitomo Electric Industries Price Performance

SMTOY stock opened at $59.30 on Wednesday. The company has a market cap of $46.25 billion, a price-to-earnings ratio of 27.08 and a beta of 0.77. The company has a fifty day moving average price of $57.99 and a 200 day moving average price of $44.10. Sumitomo Electric Industries has a 12 month low of $12.12 and a 12 month high of $72.29.

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.