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The Conglomerates group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Sumitomo Corp. is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Conglomerates peers, we might be able to answer that question.
Sumitomo Corp. is a member of our Conglomerates group, which includes 24 different companies and currently sits at #4 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Sumitomo Corp. is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for SSUMY's full-year earnings has moved 1.4% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Our latest available data shows that SSUMY has returned about 6.9% since the start of the calendar year. At the same time, Conglomerates stocks have lost an average of 6.8%. This means that Sumitomo Corp. is performing better than its sector in terms of year-to-date returns.
Another Conglomerates stock, which has outperformed the sector so far this year, is Vector Group . The stock has returned 34.5% year-to-date.
Over the past three months, Vector Group's consensus EPS estimate for the current year has increased 5.2%. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Sumitomo Corp. belongs to the Diversified Operations industry, a group that includes 24 individual stocks and currently sits at #69 in the Zacks Industry Rank. On average, this group has lost an average of 6.8% so far this year, meaning that SSUMY is performing better in terms of year-to-date returns. Vector Group is also part of the same industry.
Investors interested in the Conglomerates sector may want to keep a close eye on Sumitomo Corp. and Vector Group as they attempt to continue their solid performance.
Zacks Investment Research
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Considering buying HSY stock? Here’s what analysts think:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
NEW YORK, Aug. 24, 2024 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Vector Group Ltd. (NYSE: VGR)’s sale to JT Group for $15.00 per share in cash. If you are a Vector shareholder, click here to learn more about your legal rights and options.
Stronghold Digital Mining, Inc. (NASDAQ: SDIG)’s sale to Bitfarms Ltd. for 2.52 shares of Bitfarms for each share of Stronghold. Upon closing of the proposed transaction, Stronghold shareholders are expected to own just under 10% of the combined company. If you are a Stronghold shareholder, click here to learn more about your legal rights and options.
Arch Resources, Inc. (NYSE: ARCH)’s sale to CONSOL Energy Inc. for 1.326 shares of CONSOL common stock for each share of Arch. Upon closing of the proposed transaction, Arch shareholders are expected to own approximately 45% of the combined company. If you are an Arch shareholder, click here to learn more about your legal rights and options.
Cyclo Therapeutics, Inc. (NASDAQ: CYTH)’s merger with Rafael Holdings, Inc. If you are a Cyclo shareholder, click here to learn more about your rights and options.
Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:Halper Sadeh LLCDaniel Sadeh, Esq.Zachary Halper, Esq.(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.com https://www.halpersadeh.com
Health care stocks were mixed late Thursday afternoon, with the NYSE Health Care Index increasing 0.1% and the Health Care Select Sector SPDR Fund (XLV) easing 0.1%.
The iShares Biotechnology ETF (IBB) fell 1%.
In corporate news, the US Food and Drug Administration approved and granted emergency use authorization for updated mRNA COVID-19 vaccines manufactured by Moderna and Pfizer . Moderna was falling 5.7%, and Pfizer was down 1%.
Evolent Health shares jumped past 13%. Evolent is holding talks with private equity firms and other companies over a potential sale after receiving interest, Reuters reported Thursday.
Rafael has agreed to merge with Cyclo Therapeutics , the companies said. Cyclo shares tumbled nearly 29% and Rafael spiked 3.7%.
Stryker shares were rising 1.3% after the company said Thursday it has agreed to buy Vertos Medical.
U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 1% on Thursday.
The Dow traded down 0.48% to 40,694.62 while the NASDAQ fell 1.25% to 17,695.46. The S&P 500 also fell, dropping, 0.73% to 5,579.78.
Check This Out: IBM Is Doing A ‘Great Job,’ Jim Cramer Says — But Don’t Buy This Real Estate Stock
Leading and Lagging Sectors
Energy shares climbed by 0.5% on Thursday.
In trading on Thursday, information technology shares fell by 1.2%.
Top Headline
Williams-Sonoma, Inc. shares dipped over 8% on Thursday after the company reported second-quarter results.
The company reported second-quarter adjusted earnings per share of $1.74, beating the analyst consensus of $1.59. Quarterly sales of $1.788 billion missed the street view of $1.811 billion.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 2% to $73.34 while gold traded down 1.2% at $2,517.80.
Silver traded down 1.6% to $29.065 on Thursday, while copper fell 1.2% to $4.1390
Euro zone
European shares closed mostly higher today. The eurozone's STOXX 600 gained 0.35%, Germany's DAX rose 0.24% and France's CAC 40 slipped 0.01%. Spain's IBEX 35 Index rose 0.37%, while London's FTSE 100 rose 0.06%.
The S&P Global UK composite PMI climbed to 53.4 in August, notching the highest level since April. The HCOB Eurozone composite PMI surged to 51.2 in August from 50.2 a month ago.
The HCOB France composite PMI rose to 52.7 in August from 49.1 in the previous month, while Germany composite PMI fell to 48.5 in August from July’s reading of 49.1.
Asia Pacific Markets
Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 0.68%, Hong Kong's Hang Seng Index gaining 1.44%, China's Shanghai Composite Index falling 0.27% and India's BSE Sensex rising 0.18%.
The HSBC India Composite PMI slipped to 60.5 in August versus 60.7 in the previous month, while Japan composite PMI climbed to 53.0 in August from 52.5 a month ago.
Economics
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