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

Itochu Corp. (OTCMKTS:ITOCY)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $12.69, but opened at $13.21. Itochu shares last traded at $12.78, with a volume of 67,486 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Daiwa Securities Group upgraded Itochu to a “strong-buy” rating in a research note on Friday, February 27th. Nomura raised shares of Itochu to a “strong-buy” rating in a research report on Wednesday, February 25th. Zacks Research upgraded shares of Itochu to a “hold” rating in a research note on Monday, January 12th. Finally, The Goldman Sachs Group started coverage on shares of Itochu in a research note on Tuesday, January 6th. They set a “buy” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Itochu presently has a consensus rating of “Buy”.

Itochu Price Performance

The stock has a fifty day moving average of $13.39 and a 200 day moving average of $77.62. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.30 and a quick ratio of 0.96. The stock has a market cap of $101.91 billion, a price-to-earnings ratio of 13.68 and a beta of 0.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ITOCY. Salomon & Ludwin LLC boosted its holdings in Itochu by 1,370.6% in the third quarter. Salomon & Ludwin LLC now owns 250 shares of the company’s stock valued at $29,000 after purchasing an additional 233 shares during the last quarter. OLD National Bancorp IN acquired a new position in shares of Itochu in the 4th quarter valued at about $201,000. GAMMA Investing LLC lifted its holdings in shares of Itochu by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 2,365 shares of the company’s stock valued at $272,000 after buying an additional 421 shares during the period. Atlas Capital Advisors Inc. purchased a new stake in shares of Itochu in the fourth quarter worth about $279,000. Finally, Confluence Investment Management LLC grew its holdings in Itochu by 8.6% during the third quarter. Confluence Investment Management LLC now owns 9,381 shares of the company’s stock worth $1,080,000 after acquiring an additional 745 shares during the period. 0.08% of the stock is currently owned by institutional investors and hedge funds.

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.