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

Sumitomo Electric Industries (OTCMKTS:SMTOY) posted its quarterly earnings results on Tuesday. The company reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.14), Zacks reports.

Sumitomo Electric Industries Stock Down 3.2%

Shares of SMTOY traded down $2.37 during mid-day trading on Tuesday, reaching $72.15. 12,205 shares of the company’s stock were exchanged, compared to its average volume of 98,014. The company has a 50-day simple moving average of $63.55 and a two-hundred day simple moving average of $50.66. Sumitomo Electric Industries has a 52-week low of $17.26 and a 52-week high of $74.52. The company has a market cap of $56.27 billion, a price-to-earnings ratio of 32.95 and a beta of 0.97.

Analysts Set New Price Targets

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