Itochu (OTCMKTS:ITOCY) Shares Gap Down – Here’s Why

Itochu Corp. (OTCMKTS:ITOCY)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $14.66, but opened at $13.69. Itochu shares last traded at $14.0480, with a volume of 24,368 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ITOCY shares. Zacks Research upgraded shares of Itochu to a “hold” rating in a research note on Monday, January 12th. The Goldman Sachs Group started coverage on shares of Itochu in a report on Tuesday, January 6th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy”.

Itochu Stock Performance

The stock’s 50 day simple moving average is $57.51 and its two-hundred day simple moving average is $94.70. The company has a market capitalization of $112.34 billion, a P/E ratio of 15.08 and a beta of 0.69. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.30 and a quick ratio of 0.96.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Aristotle Capital Management LLC bought a new stake in shares of Itochu during the fourth quarter worth $1,487,000. Atlas Capital Advisors Inc. acquired a new stake in Itochu in the fourth quarter worth about $279,000. OLD National Bancorp IN bought a new stake in Itochu during the 4th quarter worth about $201,000. Confluence Investment Management LLC lifted its position in Itochu by 4.8% during the 4th quarter. Confluence Investment Management LLC now owns 9,827 shares of the company’s stock valued at $1,243,000 after purchasing an additional 446 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Itochu by 21.8% in the 4th quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock valued at $364,000 after purchasing an additional 516 shares during the last quarter. 0.08% of the stock is currently owned by institutional investors.

Itochu Company Profile

Itochu Corporation is a major Japanese trading company (sogo shosha) that operates a diversified global business spanning trading, investment and services. The company traces its roots to the 19th century and has evolved from a textile trading firm into a broad-based commercial and investment group. Its American Depositary Receipts trade over the counter under the symbol ITOCY.

Itochu conducts commodity and product trading across a wide range of sectors including textiles and apparel, machinery, metals and minerals, energy and chemicals, food and consumer products, information and communications technology, and real estate.